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The Indian Renewable Energy Development Agency will raise ₹ 2,000 crore of tax-free bonds to support the solar power initiatives of the Government.
“The Government has approved an amount of ₹ 5,000 crore for raising tax-free bonds to support and sustain its solar initiatives through various agencies a couple of days ago, of which IREDA is assigned for an amount of ₹ 2,000 crore,” said Tarun Kapoor, Joint Secretary of the Ministry of New and Renewable Energy, addressing the members of the PHD Chamber of Commerce and Industry.
Kapoor added that IREDA will lend soft loans at 10.5 per cent interest rate to developers to install rooftop solar panels to propagate and publicise the solar rooftop mission of the Government.
Details of the remaining ₹ 3,000 crore of tax-free bonds were not shared. “In the current fiscal, the Government would be content if solar projects of 2,000 to 3,000 MW are implemented,” said Kapoor, adding that it would be an attempt of the Government of the day to add on solar capacity of 10,000 MW each year from fiscal 2017-18.
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