Total investment of two public sector companies under Ministry of New & Renewable Energy (MNRE) is 37 % higher at Rs 37,828.15 crore for 2023-24, reports PTI.
This is compared with revised estimate of Rs 27,547.47 crore total investment by the two firms Indian Renewable Energy Development Agency (IREDA) and Solar Energy Corporation of India (SECI) for 2022-23. The budget estimate was Rs 28,570.99 crore.
The investment by IREDA is pegged at Rs 35,777.35 crore for 2023-24, higher than Rs 25,603.51 crore in revised estimate for the current fiscal. It was budgeted at Rs 27,572.34 crore for 2022-23.
The investment by SECI is also expected to increase to Rs 2,050.80 crore in 2023-24 from revised estimate of Rs 1,943.96 crore for current fiscal year. It was budgeted at Rs 998.65 crore for 2022-23.
IREDA was founded in 1987 as a non-banking financial institution. It is involved in the promotion, development and extension of financial assistance for projects relating new and renewable energy sources and energy efficiency.
SECI was established in 2011 in order to assist with the implementation of National Solar Mission (NSM) and achieve the targets.
Total expenditure of MNRE has also been increased to Rs 10,222 crore for 2023-24 from revised estimate of Rs 7,033 crore in the ongoing fiscal. It was budgeted at Rs 6,900.68 crore for 2022-23, reports PTI.