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Performance
Civil

Report No. 12 of 2015 - Performance Audit of Financing of Renewable Energy Projects, Union Government, Ministry of New and Renewable Energy

Date on which Report Tabled:
Thu 30 Apr, 2015
Date of sending the report to Government
Government Type
Union
Union Department
Civil
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Sector Finance

Overview

The role of new and renewable energy has been assuming increasing significance with the growing concern for India's energy security. India's substantial and sustained economic growth is placing enormous demand on its energy resources. The demand and supply imbalance in energy sources has been pervasive, requiring efforts by the Government of India(GOI) to augment energy supplies.

The GOI has been taking initiatives to develop renewable energy programmes and schemes and deploy renewable energy systems for supplementing the energy requirements of the country. The Planning Commission stated in the Twelfth Plan document that the annual average growth rate of the total energy requirement is expected to accelerate from 5.10 per cent per year in the Eleventh Plan to 5.70 per cent per year in the Twelfth Plan and the supply from renewables is expected to increase rapidly from 24,503 Megawatt (MW) by the end of the Eleventh Plan to 54,503 MW by the end of the Twelfth Plan, and underlined the need for investments in renewable energy.

It is against this backdrop that Audit decided to review the functioning of Indian Renewable Energy Development Agency Timited (IREDA), given its unique status as the only Central Public Sector institution which provides institutional finance exclusively in the field of renewables and energy efficiency.

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