IREDA opens new office in Gift City, to help fund renewable energy projects in foreign currencies
IREDA received formal approval from the Reserve Bank of India in February this year to set up its wholly-owned subsidiary at the country’s first International Financial Services Centre (IFSC) at Gift City. “Energy storage will play a critical role in achieving the National Green Hydrogen Mission’s ambitious target of over 5 million metric tonnes per annum (MTPA) of Hydrogen production by 2030. There is a need to enhance research and development efforts to reduce costs and improve the performance of energy storage solutions,” Das said.
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He also highlighted the necessity of implementing policies that strengthen the supply chain network for achieving the successful deployment of energy storage technologies. “Providing competitive and tailored financial solutions will encourage investment in energy storage projects,” Das further stated. IREDA has taken the lead in renewable energy financing through the provision of innovative products for emerging technologies at competitive rates and is committed to supporting the deployment of energy storage technologies in India.
India has remained proactive in the area of renewable energy financing by formulating a storage requirement roadmap up to 2047, issuing technology-agnostic storage tenders, and facilitating supportive government interventions for battery manufacturing and pumped storage hydropower projects. The Central Electricity Authority of India projects a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment exceeding Rs 3.5 lakh crore.
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