“As a prime mover, IREDA has shown the way to peers”
The Indian Renewable Energy Development Agency (IREDA) is a non-banking financial institution headed by its CMD, Mr K S Popli. Overall,
In a nutshell this is where we stand today:
• Financing Renewable Energy projects since last 30 years.
• Largest share in RE Project Financing in India.
• Financed more than 2283 renewable energy (RE) projects.
• Loan Sanctioned to the tune of more than ?50,569 crore and disbursed ?29,015 crore as on June 2017.
• Introduced several innovative financing schemes for promotion and development of renewable energy in the country.
On the contribution of renewable energy in India’s energy mix…
Currently renewable energy has reached to more than 17.5 % in the Indian energy mix. The all India installed power generation capacity is more than 326 GW, out of which, renewables accounts for 57 GW.Mr K S Popli, CMD, IREDA, received the Golden Peacock Award for Sustainability on behalf of IREDA from The Rt. Hon. Oliver Letwin, Cabinet Minister of UK at a function in London. Also seen on the dais (From L to R), Lt. Gen. J S Ahluwalia, PVSM (Retd), President, Institute of Directors, India, Hon. Alok Sharma, MP, Member of Parliament for Reading West, UK
There is a huge market potential for renewables in India. India has an estimated renewable energy potential of about 1095 GW from commercially exploitable sources with 750 GW solar power potential assuming only 3% waste land is made available. Renewable energy is not only environment-friendly but it is also becoming cost competitive. In a recent solar bidding in Madhya Pradesh for 200 MW Projects, the lowest tariff of Rs. 2.44 per unit has been discovered, which is a great signal that renewables, especially solar, is becoming cost competitive.
Impact on the people of India…
India, home to 18% of the world’s population, uses only 6% of the world’s primary energy. India’s per capita energy consumption is just 1010 units per year whereas the world average is about 3000 units.
Renewable energy is critical for addressing climate change, creating new economic opportunities, and providing energy access to the billions of people still living without modern energy services. Setting up of projects in remote/ rural areas develops local infrastructure and creates employment opportunities, leading to inclusive growth – opportunities for start-ups. Solar Energy can provide electricity to 360 million people in India living off-grid (~50% of India’s rural population).