IREDA plans to raise Rs 600 crore via tax-free bonds by September 10,2015
State-run Indian Renewable Energy Development Agency plans
to raise Rs 600 crore by issuing tax-free bonds through private placement by
The government had approved an amount of Rs 5,000 crore via
tax-free bonds to support and sustain its solar initiatives through various
agencies earlier and IREDA is assigned an amount of Rs 2,000 crore.
The money raised by IREDA through the issuance of these tax
free bonds will be used for financing renewable energy projects.
IREDA will lend soft loans at the rate of about 10.5 % to
developers to install roof top solar panels to publicise the solar roof top
mission of the government.
NTPC has targeted
raising Rs 300 crore through the bonds but bids were received for Rs 2,175
Government in July allowed seven state-owned entities,
including NTPC, NHAI and IRFC, to raise Rs 40,000 crore in the current fiscal
through tax-free bonds.