PM Modi Cabinet approves Rs 1500 crore equity infusion in Indian Renewable Energy Development Agency

Recently, Prime Minister Narendra Modi-chaired Cabinet Committee on Economic Affairs (CCEA) approved the equity infusion of an amount of Rs 1500 crore in the Indian Renewable Energy Development Agency Limited (IREDA). According to a statement issued by the CCEA, this equity infusion of Rs 1500 crore will help in the generation of employment, about 10200 jobs-year as well as carbon dioxide equivalent emission reduction of nearly 7.49 Million Tonnes CO2 per year. The CCEA in its recent statement has also stated additional equity infusion of Rs 1500 crore by the Modi government will enable the Indian Renewable Energy Development Agency Limited:

To lend an amount of Rs 12000 crore approximately to the Renewable Energy sector, thus facilitate the requirement of debt of Renewable Energy of an additional capacity of around 3500 to 4000 MW
To improve its net worth which will help it in additional Renewable Energy financing, thereby contributing better to the Indian government targets for Renewable Energy