IREDA's GIFT City Branch Offers Special Foreign Currency Loans for Green Projects

By siliconindia  |  Thursday, 18 April 2024, 02:25:03 PM IST

IREDA's GIFT City Branch Offers Special Foreign Currency Loans for Green Projects
Indian Renewable Energy Development Agency Ltd (IREDA) has established an office in GIFT City at Gandhinagar, aimed at bolstering the financing options for green hydrogen and renewable energy manufacturing projects. This move, geared towards facilitating natural hedging, is poised to significantly reduce financing costs, as announced by the Ministry of New and Renewable Energy.
During a panel discussion on ‘Future Growth Opportunities for Long Duration Energy Storage’ at the World Future Energy Summit 2024 in Abu Dhabi, IREDA chairman and managing director (CMD) Pradip Kumar Das underscored the strategic significance of this initiative in advancing the nation towards a greener future.
Highlighting the pivotal role of energy storage in achieving the ambitious targets set by the National Green Hydrogen Mission, Das emphasized the imperative need to ramp up research and development endeavors to enhance cost-efficiency and performance of energy storage solutions.
Furthermore, he stressed the importance of policy interventions aimed at strengthening the supply chain network. Additionally, providing competitive and tailored financial solutions was identified as crucial in incentivizing investments in energy storage projects.
India's proactive stance in this realm includes formulating a storage requirement roadmap up to 2047, conducting technology-agnostic storage tenders, and introducing supportive government interventions for battery manufacturing and pumped storage hydropower projects. According to projections by the Central Electricity Authority of India, the country anticipates a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, necessitating an estimated investment exceeding Rs 3.5 lakh crore.
IREDA's establishment of the office in GIFT City represents a strategic step towards bolstering the nation's green energy infrastructure. It underscores India's commitment to fostering innovation, reducing carbon emissions, and transitioning towards a sustainable energy future.

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