Foreign Currency

IREDA opens new office in GIFT City to offer foreign currency loans for green projects, ET EnergyWorld

<p>Representative Image</p>
Representative Image

New Delhi: Indian Renewable Energy Development Agency Ltd. (IREDA) has inaugurated its new office in GIFT City, Gandhinagar, specializing in the provision of foreign currency-denominated debt options.

Announced by Pradip Kumar Das, Chairman & Managing Director of IREDA, during the “Future Growth Opportunities for Long Duration Energy Storage” panel at the World Future Energy Summit 2024 in Abu Dhabi, the new facility aims to reduce financing costs for green hydrogen and renewable energy manufacturing projects in India.

According to Das, this strategic initiative will facilitate natural hedging and accelerate India’s progress towards a greener future. The move is poised to significantly impact the financial landscape for green projects by providing more accessible and cost-effective financing options.

During his address at the summit, Das highlighted the pivotal role of energy storage in achieving the National Green Hydrogen Mission’s ambitious target of over 5 million metric tons per annum of Hydrogen production by 2030. He emphasized the need to advance storage technologies through increased research and development, robust supply chain networks, and tailored financial solutions to attract more investment in this sector.

India has been proactive in this area, 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. The Central Electricity Authority of India estimates a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, necessitating an investment exceeding ₹3.5 lakh crore.

With its strong track record in renewable energy financing, IREDA continues to lead the way in offering innovative financial products for emerging technologies at competitive rates, ensuring its readiness to support the extensive deployment of energy storage technologies across the nation.

  • Published On Apr 18, 2024 at 06:43 AM IST

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