Centre to nudge banks to fund renewable energy projects
3 months, 1 week ago

Centre to nudge banks to fund renewable energy projects

The Hindu  

To help meet India’s ₹30 trillion funding requirements for installing 500 GW of non-fossil fuel capacity by 2030, the Ministry of New and Renewable Energy is in talks with financial institutions, public and private sector banks, urging them to commit a portion of their loans to renewable energy projects. At the forthcoming Re-Invest summit, scheduled in Gandhinagar next week, all major banks and financial institutions will be giving “shapath patra” about their proposed loans or funding plans in the renewable energy sector, Pralhad Joshi, Minister for New and Renewable Energy, said at a press briefing on Wednesday. Only with the participation of banks and industry can India hope to attract finance to facilitate the renewable energy sector,” said Mr. Joshi. In a statement to the Rajya Sabha last year, R.K. Singh, former Renewable Energy Minister, said that the Reserve Bank of India had included bank loans up to a limit of ₹30 crore to borrowers for purposes like solar-based power generators, biomass-based power generators, windmills, micro-hydel plants and for renewable energy-based public utilities, under Priority Sector Lending classification.

India Energy Renewable Energy Financial Institutions Banks Renewable Institutions Public  loans  minister  projects  nudge  institutions  public  fund  energy  banks  renewable  shapath  sector  centre  scheduled

History of this topic

IREDA and PNB join hands to co-finance green energy projects
10 months ago

IREDA and PNB join hands to co-finance green energy projects

New Indian Express  

NEW DELHI: In a major boost to renewable energy financing in India, Indian Renewable Energy Development Agency Ltd. has signed a Memorandum of Understanding with Punjab National Bank for co-lending and loan syndication of renewable energy projects across the country. Through this strategic partnership, IREDA and PNB will jointly provide financial assistance for various renewable energy projects including solar, wind, …

Banks that funded coal plants need an escape plan | Data
1 year ago

Banks that funded coal plants need an escape plan | Data

The Hindu  

The Data Point published on November 29 showed how India is progressing — albeit slowly — towards cleaner energy sources to generate power. In 2021, no new coal power projects were financed, except for the 1.32 GW Buxar thermal power plant in Bihar which received loans from banks such as the State Bank of India and Canara Bank. Click to …

India needs $223 billion to meet 2030 renewable capacity goals: Report
2 years, 6 months ago

India needs $223 billion to meet 2030 renewable capacity goals: Report

The Hindu  

India will need $223 billion of investment to meet its goal of wind and solar capacity installations by 2030, according to a new report by research company BloombergNEF. "To achieve this target, India needs to massively scale up funding for renewables," the report said, adding that $223 billion is required over the next eight years just to meet the solar …

Kotak Pitches for Development of Finance Institution for Funding Renewable Energy Projects
4 years, 3 months ago

Kotak Pitches for Development of Finance Institution for Funding Renewable Energy Projects

News 18  

Asserting that the current cost of financing solar projects in India is extremely high, veteran banker Uday Kotak on Tuesday advocated setting up a development financial institution to fund renewable energy projects which have a long gestation period. The CII president and Kotak Mahindra Bank managing director also said India needs to increase production of solar panels and reduce its …

Discover Related