IREDA opens new office in Gift City, to help fund renewable energy projects in foreign currencies
AHMEDABAD: The Indian Renewable Energy Development Agency Limited (IREDA) has established a new office in Gift City, Gandhinagar, to facilitate the financing of renewable energy and green hydrogen projects in foreign currencies. The announcement was made by Pradip Kumar Das, Chairman and Managing Director of IREDA, during a panel discussion at the World Future Energy Summit 2024 in Abu Dhabi. The new office aims to lower the cost of financing for green hydrogen and renewable energy manufacturing projects in India.
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.
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.
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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