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The Comptroller and Auditor General has found delays in loan sanctioning to projects by the Indian Renewable Energy Development Agency.
In a report titled ‘Performance Audit report on Financing of Renewable Energy Projects by IREDA’ the CAG found 40 per cent of all projects sanctioned during 2008-09 to 2012-13 faced an average delay of 66 days. This was beyond the prescribed limit of three months.
The CAG also found that more than 65 per cent of the loan applications received during the 2009-10 to 2012-13 were dropped by IREDA.
“The targets fixed in the annual Memorandum of Understanding signed with the Ministry for New and Renewable Energy should be realistic and the flow from the corporate plan and be reflected in the outcome budget of the Ministry,” the CAG recommended in its report.
While the Ministry partially accepted the recommendation, it added that setting targets according to the MoU is a yearly exercise and is on a realistic basis.
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