An additional capital infusion of Rs 1,000 crore to the Solar Energy Corporation of India (SECI) announced in this year’s Budget would enable it to float 15,000 megawatt (MW) of tenders on a yearly basis, the ministry of new and renewable energy (MNRE) said on Tuesday.
It added that SECI would attract investment of more than Rs 60,000 crore on a yearly basis.
“On yearly basis, it will attract investment of more than Rs 60,000 crore, generate employment of 45,000 job years and reduce emissions of 28.5 million tonnes of carbon dioxide per year. Capital infusion will also enable SECI to set up innovative projects with an investment of about Rs 17,000 crore,” MNRE said in a press release.
The Budget had also announced an equity infusion of Rs 1,500 crore to the Indian Renewable Energy Development Agency (IREDA). According to the ministry, with this, IREDA would be able to extend an additional loan facility of Rs 12,000 crore, which would be in addition to its existing book size of Rs 27,000 crore.
“The additional equity will also improve IREDA’s capital adequacy which will help it in borrowing at a lower rate of interest, thus lowering the interest rates for developers,” it said.