PFC, KRDEL sign MoU on non-conventional energy projects

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

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

KREDL, which is a state nodal agency for promotion and development of non-conventional and renewable sources of energy, 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 commercially exploitable resources by the end of 11th plan period.

According to an estimation, Karnataka has a potential to add 11,150 MW through renewable energy sources. At present, the installed capacity in the state was 1,630 MW. KREDL had drawn an action plan to add 1,500 MW through renewable energy sources by the end of 11th plan period in the state.

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

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

Minister for Science and Technology Ramachandra Gowda said Karnataka stood third in the country by generating 1,630 MW of power through non-renewable energy sources.

He said 1,000 MW more would be added in the next two years.

UNI