final chap13

79 Indian Renewable Energy Development Agency Ltd. (IREDA) was established in 1987 as a Non-Banking Financial Company under the administrative control of the Ministry of Non-Conventional Energy Sources (MNES) to provide term loans for renewable energy projects. Subsquently energy efficiency and energy conservation projects were added to its portfolio. 13.2 Lending Operations During the current year up to 31 December 2005, IREDA disbursed Rs.81.10 crore. Cumulative disbursements as on 31 December 2005 were of the order of Rs.3797.18 crore, the sector-wise break-up of which is given in Table 13.1. 13.3 MoU with MNES Based on provisional figures, the performance of IREDA as per the Memorandum of Understanding (MoU) with the Ministry during 2004-05 is likely to be "Good". IREDA has signed a fresh MoU with MNES for the 2005-06. 13.4 Financial Products Lending rates for wind energy projects have been reduced by 150-200 basis points. Front-end fee and premium charged for resetting interest rates have been reduced. IREDA has introduced financing scheme of biomass gasification for thermal applications for captive use in industries. 13.5 Dissemination of Information "IREDA News" continued to be published quarterly to highlight current developments in the renewable energy sector. A Table 13.1 Sector Cumulative Loan Cumulative Sanctions Disbursement Wind Energy 2447.03 1388.97 Small Hydro 1690.76 700.97 Biomass Cogeneration 1134.99 685.61 Biomass Power 709.88 450.88 Solar Photovoltaics 585.95 288.25 Biomass Gasification 10.75 3.87 Solar Thermal 117.11 75.62 Biomass Briquetting 19.47 9.99 Biomethanation from 72.47 57.60 Industrial Effluents Energy Efficiency 437.85 92.58 & Conservation Waste to Energy 49.14 39.60 Miscellaneous 33.16 3.24 TOTAL 7308.56 3797.18 Cumulative Loan Sanctions & Disbursement as on 31-12-2005 (Rs. in Crore)