The Indian Renewable Energy Development Agency (IREDA) is planning to raise Rs 15 billion-Rs 20 billion through taxable bonds in 2015-16. The funds will be utilised for financing renewable energy projects in the country. In a separate development, IREDA is likely to be converted into a green bank, in order to obtain access to funding from overseas banks. Green banks are public entities that work with the private sector to increase investments in clean energy. The MoP is currently considering the proposal.