The Indian Renewable Energy Development Agency (IREDA) has created a new revolution in the clean energy sector and Union Minister Pralhad Joshi on Saturday expressed happiness over the “excellent second-quarter results.”

“I am happy over IREDA’s excellent second-quarter results,” stated Union Minister for New and Renewable Energy and Food, Public Distribution, Joshi.

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Speaking to reporters in Hubballi, the minister said IREDA’s revenue saw a 38 per cent increase, and it’s PAT (Profit After Tax) grew by 36 per cent, achieving an unprecedented performance.

Union Minister Joshi further announced that the Central Government has allocated Rs 500 crore for the renewable energy sector under the PM Surya Ghar scheme.

Joshi stated that the government recently issued guidelines for the implementation of new projects and units under the PM Surya Ghar scheme, with Rs 500 crore set aside.

Under the scheme’s component ‘Innovative Project,’ the allocated amount will be used to advance rooftop solar technology, business models, and integration techniques, he stated.

The National Institute of Solar Energy (NISE) will serve as the Scheme Implementation Agency (SIA) for the unit of new projects.

Selected projects will receive financial assistance up to 60 per cent of the project cost or Rs 30 crore, whichever is lower, he said.

To promote solar energy projects and innovation, annual awards will be given, with rewards up to Rs 1 crore, he added.

To enhance the capacity of rooftop solar and empower residential households to generate their own electricity, the Indian government has approved the PM Surya Ghar scheme.

This scheme is estimated to cost Rs 75,021 crore and will be implemented till the 2026-27 fiscal year, stated Joshi.

The Government of India approved the PM Surya Ghar: Muft Bijli Yojana on February 29 to increase the share of solar rooftop capacity and empower residential households to generate their own electricity.

The scheme has an outlay of Rs 75,021 crore and is to be implemented till FY 2026-27.

The scheme will be implemented by a National Programme Implementation Agency (NPIA) at the national level and by the State Implementation Agencies (SIAs) at the state level.

The scheme provides for a subsidy of 60 per cent of the solar unit cost for systems up to 2kW capacity and 40 per cent of additional system cost for systems between 2 to 3kW capacity.

The subsidy has been capped at 3kW capacity.