PFC & KRDEL sign MoU for financing non-conventional energy projects

Bangalore, Aug 20 (UNI) The Power Finance Corporation Limited (PFC) and Karnataka Renewable Energy Development Limited (KREDL) today signed a Memorandum of Understanding (MoU) for facilitating financing of non-conventional renewable energy projects in the State.

Under the MoU was signed by PFC Director (Institutional Appraisal and Development) M K Goel and KREDL Managing Director Dr B Shivalingaiah, PFC would extend finance to non-conventional renewable energy projects such as wind, solar and biomass.

KREDL, which is a State Nodal Agency for promotion and development of non-conventional and renewable sources of energy and was implementing renewable energy programmes of Union Ministry of New and renewable Energy which has set a goal to add an additional 14,000 MW capacity of grid quality power through non-conventional renewable resources from commercialy exploitable resources by the end of 11th Plan period.

According to an estimation, Karnataka has a potential to add 11150 MW through renewable energy sources. At present, the installed capacity in Karnataka was 1630 MW. KREDL had drawn an action plan to add 1500 MW of power through renewable energy sources by the end of 11th Plan period in the State.

Speaking on the occasion, Karnataka Minister for Power H D Revanna, stressing the need to encourage non-conventional and renewable energy projects, said that there were 7,500 Hoblis which are yet to be electrified because of various reasons including these Hoblis were situated in far off places.

He said that there are about 1.40 lakh villages in the country were yet to be electrified and of this more than 40,000 villages were in remote areas and it would be difficult to take power like to these villages. Hence, encouraging non-conventional and renewable energy sources in rural areas would come handy not only in providing power supply but it would reduce burden on main grid.

Minister for Science and Technology Ramachandragowda said that Karnataka stood third in the Country by producing 1630 MW of power through non-renewable energy sources. Within next two years it was aimed to added 1000 MW of power.

UNI