Question: What is the target set up by Government of India for Renewable Energy Sector by 2022?
a) 175 GW
b) 150 GW
c) 200 GW
d) 250 GW
Ans: (a)
- On June 7, 2017, the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi gave approval to:
(a) Issue 13,90,00,000 fresh equity shares of Indian Renewable Energy Development Agency (IREDA) of Rs.10 each to the public on book-building basis through the IPO;
(b) Issue shares to retail investors and IREDA employees at a discount of 5% on the issue price of each equity share on book-building basis, with cap of 0.5% on equity post issue for CPSE employees and the allocation to retail investors in the net offer will not be less than 35%, as per the ICDR, 2009. The number of shares proposed to be issued to employees and retail investors will be finalized in consultation with the lead managers and as per the SEBI regulations and
(c) Conduct book building process for the said IPO by MNRE / IREDA through Book Running Lead Manager as per the guidelines of Department of Investment and Public Asset Management (DIPAM) and as per guidance of the Inter-Ministerial Group. - The Public issue of equity will enable IREDA to increase its equity base which will help them raise more debt resources for funding Renewable Energy (RE) projects. Such public issue will also enable it to unlock its true value and increase its visibility in domestic and international financial markets.
- IREDA has to cater to the increasing needs of the sector to sustain its contribution to the Renewable Energy Sector. Government of India has scaled-up the RE targets to 175 GW by the year 2022. To achieve this ambitious target, substantial investments in RE sector will be required.
- About IREDA:
- IREDA is a public financial institution established in March, 1987 under the Company’s Act, 1956. IREDA is registered as non-banking financial company with the Reserve Bank of India. Since its inception, IREDA has played a pioneering role in supporting and facilitating the policies and program of the Ministry of New & Renewable Energy. IREDA has primarily worked with the private sector enterprises operating in the power sector.
- For the last three decades, IREDA has been supporting establishment of renewable energy projects and has greatly succeeded in commercialization of sustainable energy technologies in the country.
- Objectives of IREDA:
- To give financial support to specific projects and schemes for generating electricity and / or energy through new and renewable sources and conserving energy through energy efficiency.
- To strive to be competitive institution through customer satisfaction.
- To maintain its position as a leading organization to provide efficient and effective financing in renewable energy and energy efficiency / conservation projects.
- Improvement in the efficiency of services provided to customers through continual improvement of systems, processes and resources.
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=164462
http://ireda.gov.in/