MNRE to raise more than Rs 135 billion via green bonds in FY25

26 Jul 2024 CW Team

The Ministry of New & Renewable Energy (MNRE) intends to raise more than Rs 135 billion through green bonds for various renewable energy projects in the current financial year, ending March 2025. This effort is part of a broader initiative, with various ministries and departments planning to raise a total of Rs 320.6 billion via Sovereign Green Bonds (SGrBs). According to the union budget for FY25, MNRE aims to secure Rs 135 billion. The budget estimates are 80% higher than the previous year?s estimate of Rs 75.07 billion and more than double the revised estimate of Rs 61.16 billion from the last fiscal year.

Allocation Breakdown: - Solar Energy: Rs 100 billion - PM KUSUM (Rural Solar Scheme): Rs 19.96 billion - Wind Energy: Rs 9.30 billion - National Green Hydrogen Mission: Rs 6 billion

In FY23, the government raised Rs 160 billion through SGrBs, with actual expenditure under eligible schemes reaching Rs 169.23 billion. The excess Rs 9.23 billion was covered by general government revenues. For FY24, the government plans to raise Rs 200 billion through SGrBs, with any additional expenditure to be financed through general revenues.

Overall Fundraising Plans: - Railways: Rs 150 billion, primarily for energy-efficient electric locos (Rs 120 billion), Dum Dum Airport to New Garia via Rajarhat metro construction (Rs 17.91 billion), and Joka to Binoy Badal Dinesh Bagh via Majerhat metro construction (Rs 12.08 billion). - Ministry of Housing and Urban Affairs (MoHUA): Rs 33.64 billion for equity investments in metro projects. - Ministry of Environment, Forests, and Climate Change (MoEFCC): Rs 1.7 billion for the National Mission for a Green India. The actual amount to be raised through SGrBs in FY25 will be determined and notified separately. (Source: BusinessLine)

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