The Union Cabinet Wednesday approved equity infusion of Rs 1,500 crores in Indian Renewable Energy Development Agency Limited (IREDA) to enable IREDA to lend loans up to Rs 12,000 crore in the renewable sector.
Announcing the decision of the Cabinet Committee on Economic Affairs, Union Minister Anurag Thakur said the decision will also help the public sector unit (PSU) to create a renewable energy capacity of 3,500 to 4,000 MW.
“Indian Renewable Energy Development Agency Limited plays a big role in the field of renewable energy. This agency was established to finance renewable energy. Its portfolio has increased from Rs 8,800 crore to Rs 28,000 crore in the past 6 years," Thakur said.
IREDA was set up in 1987 to work as a specialised non-banking finance agency for the Renewable Energy sector.
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