Formalities To Convert IREDA Into Green Bank Near Completion, Says Its CMD
A conference on Achieving 100 GW of Solar Dream by 2022 under aegis of PHD Chamber of Commerce and Industry unanimously demanded government's intervention to halt the unregulated large influx of solar and wind power panels and equipment from China as most of them are manufactured with sub-standard materials and have the hidden potential to endanger the solar and wind mission of India.A collective call was also given on the occasion to forewarn the Indian banks not to have excessive exposure to fund such sub-standard imports to facilitate developers of solar and wind energy in India as without proper quality checks, their funds might face a risk of heavier mis-appropriation.
Chairman & Managing Director, IREDA, Mr. K S Popli who inaugurated the Conference duly endorsed the views expressed during the occasion adding that large banks in India are perhaps reluctant to fund the solar and wind projects due to this reason though no developers in these two segments have defaulted on re-payment though might have delayed the pay off schedule.
Mr. Popli further added that his institution the IREDA might be converted in to Green Bank without under going any altercation in its basic structure to enable it access the foreign funding from overseas banks that are currently not supporting the solar and wind funding barring the well known KFW.
With IREDA conversion into Green Bank, it would be entitled to avail of certain benefits, which the agency is currently deprived of and the proposal is being well supported by the Union Power Ministry, said Mr. Popli without specifying any time period for the move to take off.
The Chief Executive, Punjab Energy Development Agency, Dr. Amarpal Singh emphatically demanded the intervention of the central government to check the rapidly rising imports from China for its solar and wind panels including various other equipment as their quality is suspect and cannot sustain solar and wind power generation beyond a period of five years.
The banks especially in the public sector segment have the 70% exposure to fund solar and wind equipment and panels and in the given scenario, their money is at large risk. Therefore, even the banks should use their prowess and pressurize the government to restricting imports of panels and equipment from China so that Indian solar and wind mission takes off without any possible disruption, said Dr. Amarpal Singh.
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