KREDL to be more investor, industry friendly: G. V. Balaram | SupportBiz


KREDL to be more investor, industry friendly: G. V. Balaram

Acknowledging the state’s increasing power requirement in proportion to its GDP, Karnataka Renewable Energy Development Ltd (KREDL) managing director G. V. Balaram said the focus should be on renewable energy and assured that KREDL will be more industry and investor friendly in it policies.

Addressing members of the Federation of Karnataka Chambers of Commerce and Industry (FKCCI), Balaram stressed up on the need for right policies in the area of renewable energy. He said the need of the hour is a single window agency sans the hundreds of hurdles that investors face today. “The existing policy does not encourage investors to come and set up or invest in the power sector though ‘power for all was the slogan of the government,’” he said.

“If GDP has to grow at 10 percent, the power generation will have to grow by 15 percent. The government will not be able to invest in this sector but fortunately there are investors who are willing to invest provided the right environment is put in place in this sector,” Balaram said. He informed the gathering that the government has taken adequate steps to address this issue and has formed a committee to look into the opportunities of solar and other sources of power generation.

He also elaborated on the ambitious government project to provide solar energy at 90 per cent subsidy to un-electrified remote hamlets in Karnataka. While the project is expected to receive 60 per cent subsidy from the Power Finance Corporation (PFC) and 30 per cent subsidy from the Ministry of New and Renewable Energy (MNRE), Balaram urged FKCCI to adopt the remaining 10 percent. “MNRE is giving 30 percent subsidy and I have requested for the subsidy element to be raised to 50 percent. PFC has assured for 60 percent subsidy. The rest of the 10 percent has to come from you,” he said.

In his efforts to make the agency more effective in operation, Balaram assured he will set up a help desk at KREDL to guide industrialists on the technicalities of renewable energy matters within 15 days and will shortly revamp its website to provide all the information required for a visitor.