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RE Projects Need Debt Financing at Competitive Rates Rather than Grants: IREDA CMD

IREDA CMD Pradip Kumar Das highlighted the need for competitive debt financing for renewable projects, offering IREDA's support to boost Bhutan’s renewable energy development at the Bhutan-India Renewable Energy Roundtable in Thimphu.

October 28, 2024. By Mrinmoy Dey

Renewable energy projects today require debt financing at competitive rates rather than grants, stated IREDA CMD Pradip Kumar Das while speaking at the Bhutan-India Renewable Energy Roundtable held in Thimphu.

Emphasising competitive interest rates and maximum long-term loan tenures, Das noted that IREDA's experience in the sector could significantly enhance Bhutan’s renewable energy growth trajectory. He also recommended rooftop solar as a potential development area along with Bhutan’s established Hydro power capabilities.

The event, organized by the Government of India in collaboration with the Government of Bhutan, provided a platform for fostering renewable energy cooperation between the two nations.

Das assured that IREDA stands ready to extend support to Bhutan’s renewable energy initiatives within the regulatory framework of the Reserve Bank of India (RBI) and the Ministry of New and Renewable Energy (MNRE). He highlighted IREDA’s commitment to a 360-degree evaluation approach for project funding, ensuring robust and sustainable financing options.

Das further emphasised that with large Hydro power now classified as renewable energy, IREDA can finance large Hydro power projects to support Bhutan's clean energy goals.

S.K. Dey, General Manager (Projects) IREDA, also participated in the session titled 'Role of Solar Energy in Energy Mix'. During the discussion, he highlighted the importance of blended financing for the development of solar projects in Bhutan.
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