India Renewable Energy Development Agency Limited Meeting was on 12 November

 The 33rd Annual General Meeting of Shareholders (IREDA) of India Renewable Energy Development Agency Limited (IREDA) was held on November 12, 2020. The meeting emphasized that the country’s green energy mix continues to grow in quantity and quality.

Highlights:

♦ The meeting emphasized that the quantity and quality of the country's green energy continue to grow. It is expected to be further promoted through various government policy measures, such as the PM-KUSUM plan, solar and wind energy hybrid technology, ethanol and compressed biogas (CBG) and other biofuels, electric vehicles and related infrastructure, coastal wind energy, solar roof plans, etc.

♦ The Ministry of New Energy and Renewable Energy launched the "Pradhan Mantri Kisan Urja Suraksha even Utthan Mahabhiyan (PM KUSUM) Program", which aims to install solar pumps and grid-connected solar and other renewable energy power plants in the country for farmers.

♦ The target of the plan is to increase the production capacity of solar and other renewable energy sources by 25,750 MW by 2022, with the total support of Rs. Rs 34,422 crore, including service fees to implementing agencies. The plan consists of three parts:

♦ Component A: Decentralized ground-mounted renewable power plants of 10,000 MW. The scale of a single power plant does not exceed 2 MW. Component B: Install 17.5 million independent solar agricultural pumps, the capacity of a single pump is up to 7.5 HP. Component C: The single pump capacity of Solaris 100 thousand grid-connected agricultural pumps does not exceed 7.5 HP.

♦ The plan will have a significant impact on the environment in terms of saving carbon dioxide emissions. Together, all three components of the plan may save about 27 million tons of carbon dioxide emissions each year.

♦ In addition, the measures in Part B of the plan regarding stand-alone solar pumps may result in annual savings of 1.2 billion litres of diesel fuel and foreign exchange savings due to reduced crude oil imports.

♦ The plan has direct employment potential. In addition to increasing self-employment, the proposal may also create jobs equivalent to 63.1 trillion working years for skilled and unskilled workers.

IREDA:

IREDA (Indian Renewable Energy Development Agency) is India's leading financial institution dedicated to clean energy expansion. Since its establishment in 1987, IREDA has provided the largest share of funding for renewable energy projects in India. The Indian Renewable Energy Development Agency (IREDA) is a non-bank financial institution under the administration of the Ministry of New and Renewable Energy (MNRE).