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Over Rs. 71,200 crore Sanctioned for Renewable Energy Sector.

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Over Rs. 71,200 crore Sanctioned for Renewable Energy Sector.

In order to provide growth momentum to the renewal energy sector in India, Governments has sanctioned over Rs. 71,200 Crore and over Rs. 29,500 crore has already been disbursed by various FI and NBFCs. The sanctioned loan funds through nominated 40 Banks & Non-Banking Financial Companies (NBFCs) . Loans Sanctioned by these Banks & FIs for RE Projects are 18.63% of Commitments Made at RE-Invest 2015.

The total  disbursed amount is Rs. 29,529.57 crore against the sanctioned amount since February 2015 (till 21 March, 2016). This is a part of commitment made by them during RE-INVEST 2015.

During RE-INVEST 2015, 40 major Banks and Non-Banking Financial Companies (NBFCs) [Public, Private Sector Banks &NBFCs and Foreign Banks operating in India] committed to provide debt funding to Renewable Energy Projects aggregating to over 78.75 GW during the span of next five years.

The commitments made by country’s Banks & NBFCs to finance RE projects and agreements with Foreign Banks& FIs to provide low cost and on long term funding are expected to boost the growth of the Indian renewable energy sector.

Ministry of New and Renewable Energy had organized First Renewable Energy Global Investor Meet and Expo (RE-INVEST 2015) from 15-17 February, 2015 in New Delhi. RE-INVEST 2015 saw RE capacity commitments of over 283 GW from stakeholders. Further, there was commitment of over 62 GW of manufacturing of RE equipment in India.

Throughout the most recent couple of years some private banks in India have signed agreement with the financial institutions to to provide loans at confessional rates.
 The Indian Renewable Energy Development Agency (IREDA) is additionally giving credits at low rates based on its recent agreements with banks like with banks like KfW, AFD, Nordic Investment Bank, World Bank, Asian Development Bank, the European Investment Bank, and Japan International Cooperation Agency.

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