IREDA rolls out a new program to boost green mobility

The Indian Renewable Development Agency (IREDA), under the Ministry of New and Renewable Energy, has rolled out a program to boost the production and deployment of infrastructure for green mobility, charging infrastructure and emerging technologies. The emerging technologies comprise battery energy storage systems (BESS) and production of batteries, projects concerning the production of fuel cells, green hydrogen (electrolyzers), producing and assembling facilities of electric vehicles (EVs) and related elements, and waste recycling units. IREDA will render loans to the tune of 70% of the value for the emerging technologies. Under the program, IREDA will additionally render financial help to EV fleet owners and operators and charging infrastructure owners. The EV fleet owners and operators comprise fleet owners of commercial buses or similar passenger vehicles with a concession deal with the state or central government agencies and fleets of bikes, commercial cars, working as a taxi service on the business-to-business and business-to-customer model. The type of charging infrastructure owners comprises electrical equipment for charging EVs, incorporating land. Loans will additionally be available for charging via renewable energy. The agency will render loans of about 80% of the project price to EV fleet owners and owners of charging infrastructure. To avail of a loan, the development of the charging infrastructure must conduct within one year or more in the case of renewable energy systems additionally being installed. IREDA is already funding compressed biogas and bioethanol projects and strives to extend the investment for the complete value chain of green mobility. The concession agreement will not hold any exit clause until the loan term. Subsidies or assistance by the central government or any state government will be adjusted against the loan approved by IREDA. Image Source