IREDA Expands: Opens Office in GIFT City
ECONOMY & POLICY

IREDA Expands: Opens Office in GIFT City

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.

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.

Next Story
Real Estate

Capacit’e Infraprojects Wins Rs 6.21 billion order from Saifee Burhani Upliftment Trust

Capacit’e Infraprojects has secured a Letter of Intent (LOI) worth Rs 6.21 billion (excluding GST) from Saifee Burhani Upliftment Trust (SBUT) for the execution of core and shell works, finishing, MEPF services, and other associated components of the redevelopment project—Sector 07 of the Saifee Burhani Upliftment Project—located at Ward ‘C’, Bhendi Bazaar, Mumbai. This is the third repeat order from SBUT to Capacit’e Infraprojects, underscoring the trust and satisfaction of a long-standing client in the company’s project delivery capabilities. Commenting on the develop..

Next Story
Resources

K Raheja Corp's Volunteering Drive Brings Back-to-School Cheer for Underprivileged Kids

Real estate major K Raheja Corp concluded its latest community initiative under the ‘Time Off for Volunteering’ programme, titled Paint a Pair, Show You Care. Held in association with NGO ConnectFor, the campaign was part of a larger 'Back to School' drive aimed at supporting underprivileged students from the Jhanvi Charitable Trust. More than 45 employees from across group companies—Mindspace Business Parks, Chalet Hotels Ltd., K Raheja Corp Homes, and Inorbit Malls—came together to hand-paint over 60 pairs of canvas shoes for children preparing to return to school. Volunteers al..

Next Story
Infrastructure Urban

CCI Worldwide Logistics Launches ‘Trans Africa’ Freight Service

CCI Worldwide Logistics, the international freight forwarding arm of the CCI Group, has launched ‘Trans Africa’—a technology-led logistics platform aimed at streamlining cross-border trade across Africa. The company is investing Rs 1.06 billion in the initiative, targeting an annual freight volume of 5,000 TEUs by air and sea, with an estimated 15 per cent return on investment. The service is being rolled out in key markets such as Nigeria, Kenya, South Africa, Ghana, and Egypt, with planned expansion into Francophone West Africa, Central Africa, and landlocked nations including Uga..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?