Indian clean energy ministry is planning to mobilise about $2 billion from international financial institutions to fund solar rooftop projects through banks.
“Union Ministry of New and Renewable Energy (MNRE) is trying to get $2 billion from World Bank and ADB towards rooftop projects which can be passed on to the banks to enable them to finance the projects on soft rates of interest to the agencies,” an official statement quoting MNRE Secretary Upendra Tripathy said.
MNRE has also got funds of Rs.5000 crore which can be given in the form of interest subvention or 15 percent interest subsidy to solar rooftop projects. The Ministry has got commitment of 1 million euros from KfW and further negotiating with different agencies to get more capital for renewable energy sector.
Mean while, Piyush Goyal , Union Minister of State for Coal, Power and New and Renewable Energy on Tuesday launched IREDA’s loan scheme for rooftop solar PV power projects at a seminar in New Delhi. This scheme will provide loans at the interest rate of 9.9 to 10.75 per cent to the system aggregators and the developers.
Quantum of loan shall be 70 per cent of the project cost with minimum promoter’s contribution of 30 per cent. However, IREDA may extend loan upto 75 per cent of the project cost on the basis of the creditworthiness of the promoters.
Under aggregator category, the minimum project capacity should be 1000 kWp. Minimum capacity of sub projects under this mode should not be less than 20 kWp.
Under direct category, applicants include projects from single roof owners only and minimum project capacity to be submitted should be 1000 kWp.
