IREDA’s GIFT City Office to Accelerate Green Hydrogen and Renewable Energy Manufacturing Projects

GG News Bureau
Gandhinagar, 18th April. In a significant move towards bolstering India’s renewable energy sector, the Indian Renewable Energy Development Agency Ltd. (IREDA) has inaugurated an office in GIFT City, Gandhinagar, specializing in offering debt options denominated in foreign currencies.

This strategic initiative aims to facilitate natural hedging and substantially reduce financing costs for Green Hydrogen and Renewable Energy Manufacturing projects, marking a pivotal step in India’s journey towards a sustainable and eco-friendly future.

Chairperson & Managing Director of IREDA, Pradip Kumar Das, underscored the importance of this initiative during a panel discussion on “Future Growth Opportunities for Long Duration Energy Storage” at the esteemed World Future Energy Summit 2024 in Abu Dhabi.

He emphasized the critical role of energy storage in achieving the ambitious targets set under the National Green Hydrogen Mission, which aims to produce over 5 million metric tons per annum (MTPA) of hydrogen by 2030.

Highlighting key priorities for advancing storage technologies, the CMD stressed the need for intensified research and development efforts to drive down costs and enhance the performance of energy storage solutions.

He also emphasized the necessity of implementing policies that strengthen the supply chain network to ensure the successful deployment of energy storage technologies. Additionally, providing competitive and tailored financial solutions will be crucial in encouraging investment in energy storage projects, he added.

India has been proactive in this regard, with initiatives such as formulating a storage requirement roadmap up to 2047, conducting technology-agnostic storage tenders, and implementing supportive government interventions for battery manufacturing and pumped storage hydropower projects.

The Central Electricity Authority of India anticipates a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment exceeding Rs. 3.5 lakh crores.

IREDA, a frontrunner in renewable energy financing, has been instrumental in providing innovative financial products for emerging technologies at competitive rates.

The agency remains committed to supporting the deployment of energy storage technologies in India, furthering the nation’s transition towards a sustainable and green energy landscape.

The establishment of IREDA’s office in GIFT City signifies a significant milestone in India’s renewable energy journey, promising to catalyze investment and innovation in the sector while driving economic growth and environmental sustainability.