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Banks and non-banking financial companies (NBFCs) have sanctioned ₹ 71,201 crore to finance renewable energy projects and disbursed ₹29,529.57 crore between February 2015 and March 21, 2016, the Ministry of New & Renewable Energy said on Monday.
The sanctioned amount accounts for 18.63 per cent of the total commitments made during the renewable energy investment summit Re-Invest 2015, hosted by the Ministry.
Monthly status reportsAn official statement said the loans have been sanctioned and disbursed by 40 major banks and NBFCs, which also gave a commitment to finance 78.75 GW or 78,750 MW of renewable energy projects over five years.
“The Ministry of New and Renewable Energy has been getting monthly status reports on achievements made so far by the banks and NBFCs who have given commitments to finance bankable renewable energy projects,” the statement added.
The Government has set a target of 175 GW of renewable energy generation capacity by 2022.
“Achieving this target requires capital outlay of $160 billion, including equity of $40 billion. In addition, huge investment is required for transmission, upgradation of infrastructure in order to utilize power generated though renewable sources. Banks and NBFCs have to play a major role to provide low cost and long term financing for these projects,” the statement said.
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