PSBs commit ?1.71-lakh cr for green lending
Public sector banks have made ‘green lending’ commitments totalling ?1,70,740 crore to help stakeholders put up renewable energy projects over the next five years.
At an average project cost of ?5 crore per megawatt (MW), green energy generation in the country is expected to increase by 34,148 MW during this period.
The green lending commitments were recently made by the banks to the Ministry of New & Renewable Energy (MNRE).
The sources of green (clean) energy include wind, small hydro, biomass, and solar. They supplement fossil fuel-based electricity generation.
Among the banks that have made large commitments to green energy lending are: State Bank of India (?75,000 crore/ 15,000 MW); IDBI Bank (?14,700 crore/ 2,940 MW); Bank of Baroda (?12,500 crore/ 2,500 MW); and Bank of India (?10,000 crore/ 2,000 MW).
Some of the other state-owned banks that have made commitments include: Bank of Maharashtra, Punjab National Bank and Union Bank of India (?7,500 crore/ 1,500 MW each); and Andhra Bank, Central Bank of India and Corporation Bank (?5,000 crore/ 1,000 MW each).
Renwable energy accounted for about 13 per cent of the national installed