Shri Pradip Kumar Das CMD IREDA addressed the ISA program

New Delhi: Shri Pradip Kumar Das, CMD, Indian Renewable Energy Development Agency Limited today addressed the participants at the “Launching of International Solar Alliance's (ISA) Online Bankers Training Program & Meeting with Resident Commissioners for participation in the Host Country's Award Day during 3rd Assembly of ISA” . During the address, CMD stressed on the importance of Financing in energy projects and briefed about IREDA’s experience in Financing of Solar Projects. He highlighted the Hon’ble Prime Minister’s Vision for capacity addition of 175 GW by 2022 through renewable energy sources to also meet our commitment made at Paris Convention.

He further emphasized the importance of technological innovations in Renewable Energy for any Project’s Viability and Scalability. The Banker’s training programme is more focused on technical aspects rather than financial aspects of the project.
 
India has seen reduction in cost of Solar from around Rs. 17 per unit (23 US Cents) during 2010 to Rs. 2.36 per unit (3 US Cents) now. This 90% reduction in tariffs is mainly because of scale of Solar Installations in Solar Parks, technological advancements, reduction in equipment costs, conducive policies, and evolving regulatory setup in accordance with the needs of the sector.
 
CMD, IREDA highlighted that, under the guidance of Government of India & His Excellency the President of ISA and Hon’ble Minister for Power, New & Renewable Energy, IREDA has emerged as the single largest renewable energy financier in the country. It has an overall market share of around 20% and has financed more than 2400 renewable energy projects with cumulative loan disbursements to the tune of USD 7.36 Billion (INR 55,200 Crores) & supported green power capacity addition of 16,788 MW. IREDA has vast experience in the Solar Sector financing and has financed more than 280 Solar Grid Connected projects and more than 700 Off Grid projects such as Solar Photovoltaic Water Pumping, Solar Lanterns, Solar Street Lighting Systems, Solar Water Heating Systems etc. Under Solar Sector, IREDA has disbursed loans to the tune of USD 1.9 Billion (INR 13,300 Crores).
 
In addition, CMD, IREDA highlighted the inauguration of Asia’s largest Solar Power Project of 750 MW in Rewa, MP by Hon’ble Prime Minister of India, which is financed by IREDA through a line of credit from World Bank.
 
CMD also apprised the gathering about IREDA’s Plan for handholding for early execution and completion of projects and ensuring transparency during execution of project for solarization of “The Sun Temple” at Konark, a world heritage site and major tourist destination of India. IREDA would also play its role in solarization of tourism centers across the country in line with the vision of Hon’ble Prime Minister of India. International Solar Alliance Ministry of New and Renewable Energy (MNRE), Government of India.

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