CCEA approved Infusion of ₹1,500 Crore in IREDA

The Cabinet Committee on Economic Affairs approved infusion of Rs 1,500 crore in the Indian Renewable Energy Development Agency Limited. IREDA will help to generate 1-,200 jobs a year and to reduce carbon emission to around 7.49 million tonnes per year.The additional equity infusion will enable the mini Ratna company under the ministry of new and renewable energy to lend around Rs 12,000 crore to the renewable energy sector. The CCEA said after its meeting that this will facilitate the sector’s debt requirement of additional capacity of around 3,500-4,000 MW. The government approved the scheme during the first wave of covid-19 for six months only. It provided an outlay of Rs 5,500 crore in this financial year for distressed or vulnerable borrowers who have taken up loans of up to Rs 2 crore under MSMEs, housing, education, consumer durables, credit cards dues, and others.