IREDA Current Affairs - 2020

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India plans to boost clean energy sector

The Government of India is planning to integrate largest lenders to the power sector in order to help clean energy firms clear their dues. It includes Rural Electrification Corporation (REC), Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency (IREDA). The integration will help resolve growing crisis in the clean energy sector and also aid India achieve its ambitious targets in renewable energy.

Issue

The discoms are delaying their payments to the generators. This creates difficulties to the banking sector whose repayment is delayed. Eventually further loan processes get delayed. This creates a vicious cycle where the expansion of clean energy sector gets affected ultimately. The current issue hinders India from achieving an ambitious target of 175 GW of renewable energy by 2022.

Measures to increase Solar Energy

Recently GoI launched several steps to achieve the target of 100 GW of solar energy by December 2022. It includes waiver of Inter State Transmission System charges and losses for projects that are commissioned up to December 2022. The Union Government also permitted 100% FDI in the solar energy sector. Apart from these various schemes such as Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan Yojana (PM-KUSUM) and Solar Roof Top programme were launched.

Measures to increase Wind Energy

In 2016, the Government issued Guidelines for Development of Onshore Wind Power Projects. It included site feasibility, online registry, real time monitoring, compliance of grid regulations and decommissioning plan. In 2017, the Guidelines for tariff based competitive bidding process for wind power projects were issued. Apart from these, the government is also promoting Generation Based Incentives for wind projects.

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IREDA & European Investment Bank ink Loan Agreement for Renewable Energy Financing in India

Indian Renewable Energy Development Agency (IREDA) and European Investment Bank (EIB) have signed loan agreement for second line of credit (LoC) of Euro 150 million on non-sovereign basis for renewable energy financing in India. The LoC has tenure of 15 years including grace period of 3 years. It will be used for financing Renewable Energy and Energy Efficiency projects in India. It will benefit more than 1.1 million households especially from clean energy produced with these funds.

European Investment Bank (EIB)

EIB is long-term lending institution of European Union owned by its member states. It is also engaged in multilateral financing and works closely with other EU institutions to implement EU policy. More than 90% of its activity is in Europe but it is also big investor globally. EIB’s activities focus on four priority areas including innovation and skills, access to finance for infrastructure, smaller businesses and climate & environment.

Indian Renewable Energy Development Agency (IREDA)

IREDA is dedicated financing arm of Ministry of New and Renewable Energy for financing renewable and energy efficiency projects. It has been spearheading growth of renewable energy in country for over three decades. To meet financing requirement, it has been raising resources from various bilateral and multilateral agencies, Masala bonds and domestic – taxable and tax-free bonds. It has financed renewable and energy efficiency projects of financial value of over Rs. 34,534 crore till date.

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