Funding Hardly A Problem For Renewable Energy Projects : JS, MNRE At PHDCCI

No.PR-107

October 25, 2018

New Delhi

FUNDING HARDLY A PROBLEM FOR RENEWABLE ENERGY PROJECTS : JS, MNRE AT PHDCCI

Joint Secretary, Ministry of New & Renewable Energy (MNRE), Mr Gopal Krishan Gupta on Thursday assured the India Inc. stressing that financing of projects pertaining to renewable sources of energy – be it wind and solar is not at all a problem as not only Indian banks and financial institutions are proactively cooperative on this front.

Even multilateral agencies such as the World Bank and the Asian Development Bank and the like are equally supporing funding facilities for renewable energy projects through IREDA, given their criticalities and potential, he added.

Inaugurating a Conference on Financing of 227 GW Renewable under aegis of PHD Chamber of Commerce and Industry (PHDCCI) here today, Mr Gupta informed that policy makers at highest levels incharge of promoting and propagating usages and applications of renewables across the country, recently deliberated on the subject with bankers and honchos of financial institutions so that fundings of renewable projects such as solar and wind suffered no set backs even under current times of liquidity crunch.

The Joint Secretary also informed that the issue of storage of power generated through renewable like solar is also gaining ground as Power Grid Corporation of India is setting up of host of expert centres that can forecast the availability of solar energy for a particular period of time so that requisitioning from thermal sector is accordingly adjusted.

Director (Operations), PTC India Financial Services Ltd, Mr Naveen Kumar who also spoke on the occasion expressed concern saying that rupee devaluation and fluctuations in exchange rates and indiscriminate imports from China of solar cells towards India are among some of the issues that concern Indian lending to sector such as renewable and sought a uniform and consisting government policy towards this sector for its seamless progress and growth.

Chairman & Managing Director, India Renewable Energy Development Agency (IREDA), Mr K S Popli who also spoke on the occasion exuded confidence that the targets set for renewable sectors in terms of energy generation would be met and even could be exceeded the way the work is progressing in this sector with a focused approach.

Among others who also spoke on the occasion comprised Chairman and Co-Chairman, Renewable & Alternate Energy Committee, PHD Chamber, Mr Sanjeev Gupta and Dr J P Gupta and its Principal Director, Dr Ranjeet Mehta.

Ends.

Koteshwar Prasad Dobhal

Consultant (PR)