IREDA to sanction loans worth Rs 626 crores: Govt

New Delhi, June 16 (UNI) The government has set a target for Indian Renewable Energy Development Agency (IREDA) to sanction loans worth Rs 626 crore during 2006-07 for new and renewable sources of energy (NRSE) projects.

Earmarking various targets for IRDEA during 2006-07, an MoU was signed by Secretary, Ministry of Non-Conventional Energy Sources (MNES) V. Subramanian, IREDA MD Debashish Majumdar.

The MoU also sets the target for loan disbursements of Rs400 crore for 2006-07. Similarly the MoU provides that IREDA funded RE projects of 104 MW capacity would be commissioned in the country.

The target of average number of days for processing loan applications has been pegged at 60 days. The Ministry of Non- Conventional Sources of Energy (MNES) would provide necessary assistance to IREDA for accessing soft financial resources to making its lending competitive.

During the previous year of 2005-06, IREDA sanctioned loans worth Rs 510 crore against a target of Rs 540 crore. The loan disbursals amounted to Rs 302 crore against a target of Rs 380 crore.

The IREDA funded projects with a capacity of 117 MW were commissioned which exceeded the MoU target of 100 MW for 2005-06.

IREDA is a public sector undertaking of the Ministry of Non-Conventional Energy Sources, which aims to give financial support to specific projects and schemes for generating electricity and/or energy through new and renewable sources and conserving energy through energy efficiency.

UNI RT CS DS1620