European Investment Bank, IREDA discovering collaboration to investment RE, green hydrogen projects in India
The European Investment Bank (EIB) and state-owned Indian Renewable Energy Development Agency (IREDA) Limited are exploring a partnership on financing of renewable energy and green hydrogen projects in India.
In this regard, Maria Shaw-Barragan, Global Director, European Investment Bank (EIB) and IREDA Chairman & Managing Directors (CMD) Pradip Kumar Das held a meeting in the national capital on Thursday.
Commenting on the potential collaboration, Das said, “IREDA is committed to supporting the growth of Renewable Energy in India through financing, and we will be happy to be partnering with the European Investment Bank to achieve our climate goals."
“This collaboration will provide much-needed support for the development of Renewable Energy and Green Hydrogen projects in India, helping to open up new opportunities for the country’s citizens and advancing the Government of India’s goal of achieving 50% of its installed energy capacity from non-fossil fuels by the year 2030," he added.
CMD, IREDA also emphasised how this kind of collaboration can create new opportunities in the emerging segment of renewable energy, green hydrogen, green ammonia, e-mobility, battery storage, etc. enabling project developers, investors, and other stakeholders to leverage the expertise and resources of two reputable institutions. It can help to create a faster sustainable future for all.
The global director of the EIB commended IREDA for its impressive growth over the previous three years. She also praised Team IREDA for quickly, effectively, and qualitatively financing the RE projects.