India’s Power Finance Corp. Ltd. (PFC) has signed a memorandum of understanding with Karnataka Renewable Energy Development Ltd. (KREDL) to facilitate financing of non-conventional renewable energy projects including small hydropower.
PFC and KREDL, an agency of Karnataka State, are to cooperate to leverage their respective strengths to develop non-conventional and renewable sources of energy, obtain benefits under the United Nations’ Clean Development Mechanism program, and promote energy efficiency.
The memorandum, signed August 20, is to facilitate financing of projects such as those powered by small hydro, wind, solar, and biomass energy that are recommended to PFC by KREDL.
It is estimated that Karnataka has potential to add 11,150 MW from renewable energy sources. It currently has 1,630 MW of installed non-conventional renewable energy.