The Indian Renewable Energy Development Agency Ltd. (IREDA) is playing a very positive role in sustainable clean energy growth in the country. In 2016-17, IREDA increased its financing of green energy projects considerably, crossing the commendable milestone of Rs 10,000 crore in a single year for the very first time. The Agency which works under the aegis of the Ministry of New and Renewable Energy extended loans of Rs 10,200 crore to 112 clean energy projects across solar, wind, small hydro and biogas segments in 2016-17. While doing so, it almost doubled its support of solar projects from Rs 2,684.69 crore in 2015-16 to Rs 4,785.97 crore in 2016-2017. In the current financial year, IREDA has plans to finance similar clean technology projects to the tune of Rs 12,500-Rs 13,000 crore.
In June 2015, the Indian Government bestowed the Mini Ratna Category I status to IREDA, thereby providing greater financial autonomy and delegation of powers in its operations. In the words of its dynamic CMD, Mr K.S. Popli, whom we have featured on our cover, “There is a huge market potential for renewables in India. Renewable energy is not only environment-friendly but it is also becoming cost competitive.”
Under Mr Popli’s leadership, IREDA has gone from strength to strength. The Agency has initiated the process of converting from an NBFC to a green bank. “In effect, we are already a green bank, but some more formalities have to be gone through before our name can be changed appropriately,” says Mr Popli.
Renewable energy is naturally replenished on a human timescale. It includes sunlight, wind, rain, tides, waves and geothermal heat. They provide energy in four critical areas such as electricity generation, air and water heating and cooling, transportation and rural (off-grid) energy services.
We have a very strong country coverage in the magazine. Plus do take a look at the photographic coverage during what has been a hectic week or two in India’s political landscape.