REC Limited assigned to be nodal agency for rooftop solar installation under PMSY

The Prime minister of India Narendra Modi has announced the Pradhan Mantri Suryodaya Yojana initiative for the rooftop installation of solar panels to stimulate the nation towards green energy association.

REC Limited assigned to be nodal agency for rooftop solar installation under PMSY

New Delhi: The public sector unit is designated to be the nodal agency under the initiative scheme of PMSY to provide rooftop solar systems in 1 crore households for which the PSU would lend up to Rs 1.2 lakh crore in the sector of green energy.

The CMD of REC Ltd, Vivek Kumar Deewangan said that REC’s board has officially authorized a line of credit of approximately Rs 15,000 crore to Central Public Sector Undertakings [CPSEs] which in return will act as renewable energy service companies in implementing this respective scheme.

The nodal agency is committed to provide a line of credit up to Rs 1.20 lakh crore for the rooftop solar project.

Read Also : THDCIL conferred with prestigious 1st Prize for ‘Advancement in Green Mobility

As per the CMD directives, the states and union territories have been divided between eight CPSEs for the implementation of the schemes, under the Ministry of Power. It includes NTPC, NHPC, EESL, Power Grid, SECI, THDC, SJVN and NEEPCO. These CPSEs will also be doing rooftop solar installation under the RESCO model [renewable energy service company].

The REC CMD has also said that the company has sanctioned about Rs 1.25 lakh crore for the renewable energy sector. The current grid-connected solar rooftop capacity in India stands at 11.08 GW, a part of the total solar capacity of 72.31 GW. The company has also been made the nodal agency for certain states and union territories for the Revamped Distribution Sector Scheme.

Read Also : MECL Drills Past Remarkable Milestone, Surpasses 3 Lakh Meters of Exploratory Drilling

Meanwhile, the Government of India is considering to increase the subsidy for the lowest segment from 1-3 KW category. The subsidy amount is being given at 40% for up to 1-3 KW category and at 20% beyond 3KW category to up to 10 KW.

 

Read Also : HPCL and Birmingham University join hands