India to raise Rs 23.6 billion in bonds for renewable energy

The Union cabinet has approved the MNRE’s proposal to raise Rs 23.6 billion in bonds through the IREDA during 2017-18. These funds will be used by the MNRE for the approved programmes/schemes for solar parks, green energy corridors, generation-based incentives for wind projects, CPSU and defence solar projects, viability gap funding for solar projects, rooftop solar, off-grid/grid-distributed and decentralised renewable power, and investment in corporations and autonomous bodies. This will help achieve the renewable energy targets set by the MNRE.