The National Democratic Alliance (NDA) government said that in the last 13 months over Rs.71,200 crore has been sanctioned by 40 banks and non-banking financial companies (NBFCs) for the renewable sector, mainly wind and solar projects.

Of this, Rs.29,500 crore has already been disbursed. This a part of commitment made by them during RE-INVEST 2015, the first Renewable Energy Global Investors Meet and Expo organised by the ministry of new and renewable energy (MNRE), which held in February 2015.

During the event, 40 major banks (public, private sector banks and foreign banks operating in India) and NBFCs had committed to provide debt funding to renewable energy projects aggregating to over 78.75 GW during the span of next five years.

RE-Invest 2015 saw renewable energy capacity commitments of over 283 GW from stakeholders. There was also a commitment to manufacture in India renewable energy equipment for 62 GW. Loans sanctioned by these banks and FIs (financial institutions) for RE (renewable energy) projects are 18.63% of the commitments made.

 

The Ministry of New and Renewable Energy (MNRE) has set up three committees to improve quality control of solar modules and products. One panel will prepare a policy for testing laboratories, another will set technology and product standards and the third will look into regulations governing solar products. 

Read more: Three panels formed to improve quality control...

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