IREDA launches a new program to promote green mobility

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The Indian Renewable Energy Development Agency (IREDA), under the Ministry of New and Renewable Energy, has launched a program to promote the manufacturing and deployment of infrastructure for emerging technologies, green mobility and charging infrastructure.

Emerging technologies include battery energy storage systems (BESS) and battery manufacturing, green hydrogen production projects (electrolyzers), fuel cells, electric vehicle manufacturing and assembly plants (VE) and associated components, and waste recycling units.

IREDA will provide loans up to 70% of the cost of emerging technologies.

Under this program, IREDA will also provide financial assistance to owners and operators of electric vehicle fleets and owners of charging infrastructure.

Owners and operators of electric vehicle fleets include owners of fleets of commercial buses or similar passenger vehicles with a concession agreement with state or central government agencies and fleets of commercial cars, bicycles operating as a taxi service on the business-to-business and business-to-customer model.

The charging infrastructure owners category includes electrical EV charging equipment, including land. Loans will also be available for charging via renewable energy.

The agency will grant loans up to 80% of the cost of the project to owners of electric vehicle fleets and owners of charging infrastructure.

To qualify for a loan, the construction of the charging infrastructure must take place within a year or more in the event that renewable energy systems are also put in place.

IREDA is already funding compressed biogas and bioethanol projects and plans to expand funding across the entire green mobility value chain.

The concession contract will not contain any exit clause until the term of the loan. Grants or grants from central government or any state government will be adjusted against the loan sanctioned by IREDA.

Last September, the Union government notified the Production Linked Incentive (PLI) scheme for automobiles and automotive components. The PLI program encourages industry to invest in advanced automotive products. Incentives under the program are open to existing automakers and new non-automotive investors. It has two components: the OEM Champion Incentive Program and the Component Champion Incentive Program.

Previously, the Ministry of Heavy Industry issued a notification for the PLI program “National Advanced Chemical Cell (ACC) Battery Storage Program”.


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