Riding on success of its efforts to promote solar energy the government has launched the capital subsidy-cum-refinance scheme for installation of solar off-grid (photo voltaic and thermal) and de-centralised applications under the Jawaharlal Nehru National Solar Mission program through National Bank for Agriculture and Rural Development (NABARD)
This new scheme will target off-grid applications of solar energy for domestic lighting and heating system in rural areas where power supply is either erratic or negligible.
The scheme was announced by Mr. P.Mohanaiah, Chief General Manager, at a state level meeting recently, among others present at the meeting were representatives of Non-conventional Energy Development Corporation of AP and State-Level Banker’s Committee.Banks and finance companies will now be getting about 1500 Cr. over next two years at 5% interest rate to finance solar energy projects.
The projects that will come under consideration will be small solar projects adding up to 200 MW. IREDA would be providing the funds to NABARD, SIDBI, National Housing Bank and other state run banks at 2% interest rate.
IREDA feels that this would be an incentive to otherwise conservative banks to lend more to renewable sector, the projects are coming up under phase 1 of the national solar mission which aims to add up to 20,000MW of solar power by the year 2022.
IREDA is expecting a net profit of Rs.100 crore in the current financial year against 73 crore in the last year. The agency has achieved a growth of nearly 27% in loan disbursements with increase from Rs.1,823 crore in 2009-10 to about Rs.2,300 crore this year. The agency is likely to achieve Rs.1150 crore in the current fiscal as against 889 crore in the last fiscal. Recently, it signed a Rs.1,200-crore agreement with Germany's Kiwi Bank and it would sign a deal with Japan International Cooperation Agency by the end of March for Rs.1,650 crore.
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