Established in 1987 as a Public Sector Enterprise, under the administrative control of Ministry of Non-Conventional Energy Sources (MNES), Indian Renewable Energy Development Agency Limited (IREDA), has been spearheading the mission to ensure "Energy for All". In the past fifteen years IREDA has evolved into a unique developmental financial institution in the renewable energy sector, reaching out to the individual user and providing micro-credit through financial intermediaries.

Lending Operations

9.2 During the current year up to 31^st December 2002 the IREDA has sanctioned loans to the tune of Rs 337.11crore and disbursed Rs 227.84 crore against the annual targets of Rs 825 crore and Rs 500 crore respectively. The loans were sanctioned for the establishment of about 108.5 MW of installed capacity of power generation and 55978 metric tonnes coal replacement projects from renewable sources. The cumulative sanctions and disbursements as on 31^st December 2002 were of the order of Rs 5625.01 crore and Rs 2964.74 crore respectively. The sector-wise break-up of sanctions and disbursements up to December 31, 2002 is given in Table 9.1.

MoU with MNES

9.3 Based on the audited figures, the performance of IREDA in achieving the targets set for the year 2001-02 in its Memorandum of Understanding (MoU) with the Ministry has been ranked as "Good". IREDA has signed an MoU with the Ministry for the year 2002-03, besides submitting the draft MoU for the year 2003-04.

Resource Mobilisation

9.4 The Government of India has contributed Rs 17.50 crore representing 50% of the allocation of Rs 35 crore for the current year, towards equity. With this the paidup capital has risen to Rs 267.85 crore as on 31^st December 2002. The authorised share capital of IREDA stood at Rs 400 crore as on 31^st December 2002. IREDA had been permitted to raise funds to the tune of Rs 50 crore through Tax Free Bonds and action is being taken to raise the same.

9.5 The World Bank released Rs 30 crore under its second line of credit against the counterpart provision of Rs 95 crore and Rs 3.60 crore under IBRD. The Asian Development Bank and the KfW of Germany have released Rs 208.62 crore and Rs 28.99 crore respectively. Assistance from the Japanese Bank for International Cooperation, Japan to the tune of US $ 145 million is under consideration.

New Initiatives

9.6 IREDA has introduced a new scheme for financing of development of demonstration of offshore wind farms.

Dissemination of Information

9.7 IREDA has launched publicity campaigns through the print and the electronic media, brochures, website, video films and newsletters to disseminate information about RETs. "IREDA News" is published quarterly to highlight current developments in the renewable energy sector. A bimonthly Bulletin on Energy Efficiency is being published for creating awareness about energy efficiency and conservation in the country. A Touch-Screen Information Kiosk has been installed for providing easy access to information relating to financing policy of IREDA to the visitors/clients coming to IREDA.

Promotional Efforts

9.8 IREDA continued to sponsor/co-sponsor various types of programmes to promote Renewable Energy Technologies. It has supported total 61 Seminars, Workshops, Business Meets and Exhibitions during the period April-December 2002, as detailed in Table 9.2.