Finance, Green Building / LEED/ BEE, Other, Solar-Offgrid

Tamil Nadu clean energy agency wants permission for subsidies

According to reports, the Tamil Nadu Energy Development Agency (TEDA), in charge of clean energy development in the State, is seeking permission from the Ministry of New and Renewable Energy so that it can on its own sanction subsidies for solar photo-voltaic projects.

At present, TEDA sends the application for approval by the ministry.

“We are in talks and are expecting a positive reply,” said Sudeep Jain, Chairman and MD of TEDA, at a meeting in Chennai for promoting solar power installation in colleges.

The ministry provides a 30% subsidy on capital expenditure or Rs 90 per watt power for roof-top solar systems up to 100KW. The Union government also provides loans at 5% per annum for half of the capital expenditure for a five-year tenure. Commercial entities can claim one of the two subsidies.

It’s through TEDA that all solar projects in Tamil Nadu will be cleared. The State, reeling under a massive power deficit, unveiled an ambitious solar policy in October. It is targeting 3,000 MW in solar power by 2015, with 300 MW coming from solar roof-tops. The policy has a 6% solar purchase obligation by 2014 for certain customers such as SEZs, IT parks, schools and colleges.

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