India Funds Renewable Energy

The Indian Renewable Energy Development Agency (IREDA) plans to issue three bonds of Rs 300 to mobilize additional esources.

COIMBATORE, India 2002-03-21 [] The proposed bonds would be in three categories – capital gains, tax-free and infrastructure – all of which were awaiting the central government’s approval, according to IREDA’s managing director. About Rs 50,000 would be needed to augment 10,000 MW of Renewable Energy by 2012 as a 10 percent share of additional total energy generation as planned by the government. The agency had financed 1,500 projects in the last 15 years. Of the potential 3,000 MW, only 1,800 MW Renewable Energy was being produced in the country. IREDA earned the prestigious ‘Water Globe’ award for its solar-powered pumping system for the agriculture sector at the ‘Energy Globe Award 2002’ recently at Linz, Austria, in which 90 countries participated with 1,300 projects.
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