Renewable Energy, Vol.16, No.1, 1160-1166, 1999
Renewable energy financing: India's experience
India's Renewable Energy Programme is the largest and the most extensive among the developing countries of the World. The increased use of renewable energy technologies has been facilitated by a variety of policy and support measures from the Government of India (GoI). The programme is administered by the Ministry of Non-Conventional Energy Sources (MNES) - the nodal ministry of the GoI, entrusted with the responsibility of policy making, planning, promotion and coordination of various aspects of renewable energy. The need to optimize utilization of India's vast potential for energy generation from renewables and to alleviate the severe power crunch faced by the country requires the integration of renewable energy into the national energy planning thereby enabling the creation of a balanced energy-mix This in turn calls for taking renewable energy technologies beyond the stage of research, development and demonstration to commercialization through appropriate financing mechanisms. It was to this end that the MNES set up the Indian Renewable Energy Development Agency Ltd. (IREDA) in 1987. IREDA's mandate is to develop, promote, support and extend financial assistance to renewable energy projects. In its first decade of operation, IREDA has committed financial assistance to the tune of US$ 397 million for renewable energy projects and is the recipient of several multi-lateral and bi-lateral assistance's. The presentation will discuss the accomplishments of IREDA and the barriers faced in its efforts to support and catalyze the commercialization of renewable energy technologies through innovative and well structured programmes.