IREDA Expands: Opens Office in GIFT City

01 Apr 2024

Indian Renewable Energy Development Agency Ltd. (IREDA) has taken a significant stride towards promoting renewable energy projects with the inauguration of its office in GIFT City, Gandhinagar. This new office will specialize in offering debt options denominated in foreign currencies, aiming to revolutionize financing for Green Hydrogen and Renewable Energy Manufacturing ventures.

The move, announced by Shri Pradip Kumar Das, Chairperson & Managing Director of IREDA, underscores the agency's commitment to fostering a sustainable and green future for India. Speaking at a panel discussion on "Future Growth Opportunities for Long Duration Energy Storage" during the World Future Energy Summit 2024 in Abu Dhabi on April 17, 2024, Shri Das highlighted the strategic importance of the initiative.

Shri Das emphasized the pivotal role of energy storage in realizing the goals of the National Green Hydrogen Mission, particularly the ambitious target of over 5 million metric tons per annum (MTPA) Hydrogen production by 2030. Identifying key priorities, he stressed the necessity of advancing storage technologies through increased research and development efforts.

Furthermore, Shri Das advocated for the formulation of policies aimed at strengthening the supply chain network, essential for the successful deployment of energy storage technologies. He underscored the importance of providing competitive and tailored financial solutions to incentivize investments in energy storage projects.

India has been proactive in this sphere, with initiatives such as formulating a storage requirement roadmap up to 2047, issuing technology-agnostic storage tenders, and implementing supportive government interventions for battery manufacturing and pumped storage hydropower projects. According to projections by the Central Electricity Authority of India, the country is expected to require nearly 400 gigawatt-hours (GWh) of storage capacity by 2030-32, necessitating an estimated investment exceeding Rs. 3.5 lakh crores.

IREDA, renowned for its role in financing renewable energy projects, remains committed to supporting the deployment of energy storage technologies in India. The opening of its office in GIFT City, Gandhinagar, marks a significant step towards facilitating access to innovative financial products and reducing financing costs for crucial green initiatives.

As India marches towards a greener and more sustainable future, initiatives like these underscore the nation's commitment to leading the global transition towards renewable energy and mitigating the impacts of climate change.

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