Presiding over a meeting with lead financial institutions and banks like IREDA, Power Finance Corporation, L&T Infra Finance, IDBI, ADB, NABARD, Bank of India, Tata Power Solar along with state officials, Majithia informed that Punjab has taken major initiatives in launching innovative programmes in the new and renewable energy sector with a view to enhancing clean and green power generation capacity in the state.
He pointed out that Punjab was actively promoting and facilitating setting up of ground based, rooftop based, canal top based/reservoir based solar PV power generation systems.
He called upon senior officials of financial institutions and banks to actively participate in state's renewable energy initiative which has an estimated investment potential of Rs 33,000 crore and out of which Rs 23,000 crore was the financing requirement for setting up of these NRSE projects.
Majithia invited FIs to come forward with innovative solutions to provide excess to credit for Development of RE projects as it was the vision of Prime Minister Narendra Modi to have 100 GW of Solar power capacity in the country which can only be possible with active support of financial institutions which would provide financing for high quality solar panels and other equipments.
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This will also help in providing power during peak hours for industrial growth, he said and urged banks to provide credit as easily as that provided for purchasing a new car.
Majithia highlighted Punjab's potential in biomass sector and farm based solar projects.
Secretary, New & Renewable Energy, Anirudh Tewari explained about the 1,000 MW potential of canal top and reservoir based projects in the state, saying although its initial cost was higher, it would save fertile land and help in water conservation.