Indian Renewable Energy Development Agency (IREDA) Disbursement of Rs. 2125.5 Crores...

 

Total disbursements of Rs. 2125.50  crores have been made by Indian Renewable Energy Development Agency (IREDA) during the financial year 2012-13 to promote, develop and extend financial assistance for the renewable energy projects.

The details of funds allocated to IREDA and disbursements made by IREDA by way of loan for Renewable Energy Projects for the past three years and the current year is as below:

IREDA signs a Memorandum of Understanding (MoU) with Government of India every year. The performance of IREDA is evaluated by the Ministry in consultation with the Department of Public Enterprises, on the basis of targets fixed and achievement made against the various parameters set in the MoU. The performance of IREDA on the basis of MoU has been rated as ‘Excellent’ in the year 2010-11 and ‘Very Good’ each in the year 2011-12 and 2012-13 (Provisional). Besides this, the Annual Report of IREDA is placed before the Parliament after due scrutiny in the Ministry.

(Rs. in crores)

Year	Equity support	Funds mobilized from International Line of Credits and domestic borrowing	Disbursement
2010-11	50	710.11	1224.17
2011-12	50	1744.35	1855.03
2012-13	60	1096.33	2125.5
2013-14	45	680.21	828.93

The following steps have been taken to ensure proper utilization of funds released to the borrowers by IREDA:

• Disbursement against sanction to be linked with the physical and financial progress of the project.
• Periodic inspection of projects by IREDA officials and engineers.
• Utilization Certificate by Chartered Accountant while releasing the installments of disbursement.
• Periodical audit by internal auditor.
• Formation of a Risk Management Committee for top level oversight.
• Obtaining rating from independent rating agencies for the project proposals and ongoing surveillance by them.
• Constitution of Credit Committee for inter-departmental review of Project proposals prior to sanction.
• Strengthening of recovery mechanism.

This information was given by the Minister of New and Renewable Energy Dr. Farooq Abdullah in a written reply in the Lok Sabha.

Source: PIB