The Indian Renewable Energy Development Agency (IREDA) increased its financing of green energy projects considerably in 2016-17, crossing the milestone of Rs 10,000 crore in a single year for the first time. IREDA provided loans of Rs 10,200 crore through 2016-17 for 112 clean energy projects across solar, wind, small hydro and biogas.
In the coming year, IREDA plans to provide Rs 12,500-13,000 crore for the clean energy projects. It nearly doubled its support for solar projects to Rs 4785.87 crore in 2016-17 from Rs 2684.68 crore in 2015-16, but its financing of wind projects dropped slightly to Rs 2511.69 crore from Rs 2735.51crore. The company, currently a Non-Banking Financial Company (NBFC) under the Ministry of New and Renewable Energy, with mini navratna status, also hopes to come out with an initial public offering later this year for which cabinet approval has been sought. IREDA has also initiated the process of converting from an NBFC to a Green bank.
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