Public as well as private banks and non-banking finance companies (NBFCs) have committed to finance renewable energy projects of 76,352 MW capacity with an outlay of Rs.3.82 lakh crore, Parliament was informed on Thursday.
“Twenty-four public sector and eight private sector banks and four public sector and two private sector NBFCs have committed for financing renewable energy projects of 76,352 MW capacity with an outlay of Rs.3,82,255 crore over five years through green commitment certificates,” Minister of State (independent charge) for Power, Coal, New & Renewable Energy Resources Piyush Goyal said in a written reply to Lok Sabha on Thursday. The Minister said these banks and financial institutions had supported projects of 25,318 MW capacity with sanctioned and released amount of Rs.63,473 crore and Rs.26,105 crore respectively, as on December 31, 2015 after making the commitments.
He also said that efforts were being made to mobilise funds for the renewable energy sector from multilateral and bilateral banks such as The World Bank, Asian Development Bank, National Development Bank and Asia Infrastructure Development Bank, and were at various stages of approvals.
According to the statement, a financial assistance of $700 million from World Bank and $500 million from Asian Development Banks for solar parks is under consideration.
Besides, these multilateral bodies will also provide one billion euros and over $1 billion for solar rooftops in India.
Among public sector banks, State Bank of India will be financing the largest capacities of 15,000 MW with an outlay of Rs.75,000 crore, followed by IDBI bank (3,000 MW). The 24 public sector banks will be financing projects of 31,649 MW.