MNRE Refutes Reports of Halting Renewable Energy Project Funding

• MNRE clarified it has not issued any advisory to financial institutions to stop lending for renewable energy projects or equipment manufacturing.
• The clarification addresses reports suggesting MNRE advised lenders to pause fresh financing due to overcapacity concerns.
• MNRE did circulate information on domestic solar PV manufacturing capacities to financial institutions for informed decision-making on financing new facilities.
• India aims for self-reliance in solar PV manufacturing, supported by initiatives like the PLI Scheme, with capacity growing from 2.3 GW in 2014 to 122 GW.
• India achieved 50% of its installed electricity capacity from non-fossil fuel sources five years ahead of its Paris Agreement target, reaching about 259 GW.

Why It Matters: MNRE assures continued financial support for renewable energy projects.