BackRenewable energy sector received Rs71,200 crore finance in last 13 months
This a part of commitment made by financial institutions during RE-INVEST 2015, the first Renewable Energy Global Investors Meet and Expo organised by the ministry
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New Delhi: The National Democratic Alliance (NDA) government on Monday said that in the last 13 months over ₹ 71,200 crore has been sanctioned by 40 banks and non-banking financial companies (NBFCs) for the renewable sector, mainly wind and solar projects.
Of this, ₹ 29,500 crore has already been disbursed (as on 21 March). This a part of commitment made by them during RE-INVEST 2015, the first Renewable Energy Global Investors Meet and Expo organised by the ministry of new and renewable energy (MNRE), which held in February 2015.
During the event, 40 major banks (public, private sector banks and foreign banks operating in India) and NBFCs had committed to provide debt funding to renewable energy projects aggregating to over 78.75 GW during the span of next five years.
RE-Invest 2015 saw renewable energy capacity commitments of over 283 GW from stakeholders. There was also a commitment to manufacture in India renewable energy equipment for 62 GW.
“Loans sanctioned by these banks and FIs (financial institutions) for RE (renewable energy) projects are 18.63% of the commitments made," said an MNRE statement, adding that it is expected to boost the growth of the Indian renewable energy sector.
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