IREDA to borrow funds to foot a part of Centre’s bill
The Cabinet on Tuesday approved the solar pump scheme — KUSUM (Kisan Urja Suraksha evam Utthaan Mahaabhiyan) — a year after it was announced.
Speaking after the Cabinet meeting, Finance Minister, Arun Jaitley, said, “Barren land will be used for generating solar power and will offer income support to farmers…Funding for this scheme will be accrued through internal and extra-budgetary allocations.”
He said the name KUSUM is not final and though approvals have been given for this name, but the scheme will be renamed appropriately.
There will be three components of the proposed scheme. The first component proposes 10,000 MW of de-centralised ground- mounted grid-connected renewable power plants. The second envisages installation of 17.50 lakh standalone solar powered agricultural pumps and the third is for solarisation of 10 lakh grid-connected solar-powered agricultural pumps, an official statement said.
Under the original scheme, on a per pump basis, the Centre will subsidise 30 per cent of the cost, the State will do the same, and 30 per cent of the amount will be offered as a loan. The farmer has to give an upfront cost of 10 per cent and then pay the instalments to the bank.
KUSUM was envisaged to replace nearly 2 crore electric and 75 lakh diesel pumps over 10 years.
Under the scheme approved by the Cabinet, the Centre will provide ₹10,000 crore for four years. The Indian Renewable Energy Development Agency (IREDA) will borrow ₹6,000 crore for the first phase (lasting for a year) to fund the Centre’s contribution. IREDA will next borrow ₹15,000 crore for the second phase that will last for a year, an official aware of the Cabinet decision told BusinessLine.
Jaitley said the Cabinet Committee on Economic Affairs has given its approval for the Phase-II of Grid-Connected Rooftop Solar Programme. This programme will aim to achieve a cumulative capacity of 40,000 MW from Rooftop Solar (RTS) Projects by the year 2022.
The programme will be implemented with a total Central financial support of ₹11,814 crore, an official statement said.
Source;BL
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