Indian Banks, Financial Institutions To Fund 76 GW Of Renewable Energy Projects
Indian banks and financial institutions are gearing up to assist the government to achieve the ambitious renewable energy target of 175 GW by March 2022.
The Minister for New & Renewable Energy, Power and Coal recently shared the details of financial commitments made by banks and financial institutions to fund renewable energy projects. These banks had first made commitments last year during the inaugural renewable energy investors summit organised by the Ministry of New and Renewable Energy.
Minister Piyush Goyal informed the Parliament that the government has received funding commitments for 76,352 MW of renewable energy capacity with a total outlay of Rs 382,255 crore over the next five years.
The commitments have been made by 24 public sector banks, 8 private sector banks, 4 public sector and 2 private sector financial institutions.
The Minister also informed that since these commitments were made, funding has been approved for projects with 25,318 MW capacity. A total of Rs 63,473 crore has been sanctioned and Rs 26,105 crore has been released. These figures are up to 31 December 2015.
These funding agencies are critical to the achievement of the massive capacity addition targets announced by the Indian Government. Given the large sums of non-performing assets on the books of several Indian banks, they are now looking at newer ways to raise funds to fulfil their commitments.
Several banks, like IDBI Bank, Yes Bank, and the Indian Import-Export Bank have successfully raised millions of dollars through green bonds and several other agencies are planning float green bonds as well.
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Keep the news coming from India, especially as it is mostly good – there is more than enough bad news around, what with ISIS and Trump. But please translate (in brackets) your Indian large numbering units. Mem to the rest of us: one lakh is 100,000; one crore is 10,000,000.
simple
1 Million is 10Lacs
you are right I Lac is 100 thousand
10Million is 1 Crore
1 Billion is 100Cr -is 1000Million.
so 1Million (10 Lacs) 1 Billion (100 Crs)
hope it is of some assistance
India is doing amazing things. Consider that their total electrical demand is 950 Twh year. 20% of that is renewable or nuclear. That leaves about 750 TWh to be converted from coal and diesel to PV and wind. My napkin estimate is at 50% PV requirements are about 250 Gw. and 175 GW of wind. They are talking about 175 GW of total renewable by 2022! Perhaps 100 GW of that is solar. They would certainly come close to 100% renewable by 2030 at this pace.
too good too fast so —???????
Requires mid course correction.
Hydro totally neglected.Rooftop on back burner
the whole Solar euphoria ,could be a bubble