Ireda to give Rs 130 billion loans for renewable sources

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Clean energy projects in the country can look forward to loans to the tune of Rs 130 billion from Indian Renewable Energy Development Agency (Ireda) in the next financial year.

Ireda, renewables, solar, energy, India

With the government planning to add 15-16 GW of clean energy projects, including solar and wind, there would be total credit market size of around Rs 650 billion.

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According to Ireda Chairman K S Popli, Ireda has sanctioned around Rs 370 billion of credit for clean energy projects in the country so far and has released around Rs 280 billion to developers, which aids generation capacity of around 7,000 MW.

The lower cost of equipment and lower borrowing charges have already pulled down solar energy tariff to all-time low of Rs 2.97 per unit last month.

The wind power tariff has, too, dropped to a record low of Rs 3.46 per unit in an auction of 1,000 MW capacity conducted by the Solar Energy Corporation of India. The loan sanctions by IREDA have grown from Rs 8.26 billion in 2007-08 to Rs 78.06 billion in 2015-16, with a CAGR of 32 per cent and expected to cross Rs 10,000 crore during this fiscal.

Loan disbursements have grown from Rs 5.53 billion in 2007-08 to Rs 42.57 billion in 2015-16, with a CAGR of 29 per cent and is likely to cross Rs 60 billion in the financial year 2016-17.

The net profit of the company has increased from Rs 0.4796 billion in 2007-08 to Rs 2.9804 billion in 2015-16. To give more wings to Ireda’s ambitious plans to finance clean energy projects, its board has approved initial public offering proposal of Rs 0.139 billion fresh equity share with face value of Rs 10 each during February 2017.The initiative would help Ireda increase its net worth facilitating lending to larger projects.

By Baishakhi Dutta

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