Banks, FIs provide over Rs 78K cr for clean energy projects

Banks, FIs provide over Rs 78K cr for clean energy projects

Banks and financial institutions are supporting clean energy projects and have sanctioned about Rs 78,830 crore, of which Rs 33,482.83 crore has already been released till March this year, Parliament was informed on Monday.

“Banks and financial institutions (FIs) have supported (renewable energy) projects of 30,983.70 MW capacity with sanction and released an amount of Rs 78,829.69 crore and Rs 33,482.83 crore respectively as on March 31, 2016,” Power, Coal, Mines and New & Renewable Energy  Minister Piyush Goyal said in a written reply to Rajya Sabha.

Goyal said the World Bank has also approved a loan of $620 million (Rs 4,228 crore) and a grant of $5 million (Rs 34.50 crore) from clean technology fund for the grid connected rooftop solar programme in May 2016.

As many as 23 public sector and seven private sector banks as well as four public sector and two private sector non-banking financing companies (NBFCs) have committed for financing renewable energy projects of 76,350 MW in the country with an outlay of Rs 3,72,240 crore.

Public sector banks have provided Rs 19,639.52 crore finance for 12,619.83 MW renewable projects and have already released Rs 7,333.35 crore. Private sector banks have provided Rs 18,660.01 crore for 6,905.24 MW projects, and have released Rs 8,615.07 MW.

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