IREDA urged to develop a strategy for project financing.

24 Jan 2023 CW Team

The secretary of the Ministry of New and Renewable Energy (MNRE), Bhupinder Singh Bhalla, has urged the Indian Renewable Energy Development Agency (IREDA) to develop a strategy for financing projects utilising renewable energy.

By 2030, the central government intends to have 500 GW of capacity for non-fossil fuel.

The ministry said in a release that the secretary had promised MNRE's full support and guidance regarding the difficulties the company is having in meeting the enormous demand for funding for the RE sector.

"The Secretary of MNRE commended IREDA for lowering the net NPA (non-performing assets) from 5.61 per cent to 2.72 per cent in just one and a half years. According to the press release, "He advised IREDA to devise a suitable mechanism for funding Rooftop Solar, PM-KUSUM, and other renewable energy technologies."

India's commitment to reducing greenhouse gas emissions and eventually reaching net zero

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