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| IREDA's Initiative: Fueling India's Renewable Energy Growth |
The Indian Renewable Energy Development Agency (IREDA) has taken a significant step towards bolstering India's renewable energy sector by establishing an office in Gujarat International Finance Tec-City (GIFT City), Gandhinagar. This move aims to provide foreign currency-denominated debt financing for green hydrogen and renewable energy manufacturing projects, aligning with India's ambitious National Green Hydrogen Mission.
IREDA's Specialized Offerings:
IREDA's office in GIFT City specializes in offering debt options in foreign currencies, thereby enabling natural hedging and substantially reducing financing costs for green hydrogen and renewable energy projects. This strategic initiative was unveiled at the World Future Energy Summit 2024 in Abu Dhabi, marking a pivotal moment in India's transition towards a greener future.
About Indian Renewable Energy Development Agency (IREDA):
Established in 1987 under the Ministry of New and Renewable Energy, IREDA is a government-owned non-banking financial institution (NBFC) dedicated to promoting, developing, and financing renewable energy and energy efficiency projects in India. Over the years, IREDA has played a crucial role in helping India achieve its renewable energy targets, with a cumulative loan disbursement exceeding Rs. 1 lakh crore.
About GIFT City:
GIFT City, India's first operational smart city and international financial services center, provides an ideal environment for global financial services. IREDA's presence in GIFT City will enable it to tap into the ecosystem's benefits and attract international investors for green hydrogen and renewable energy projects.
India's Proactive Measures in the Energy Sector:
India has undertaken proactive measures to support the deployment of energy storage technologies, including developing a storage requirement roadmap up to 2047 and implementing supportive government interventions for battery manufacturing and pumped storage hydropower projects. The Central Electricity Authority of India estimates a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, signaling significant investment opportunities.
IREDA's Commitment to Renewable Energy Financing:
IREDA has been a frontrunner in financing renewable energy projects in India, offering innovative products for emerging technologies at competitive rates. The organization is committed to supporting the deployment of energy storage technologies and facilitating the growth of the green hydrogen and renewable energy manufacturing sectors.