IREDA's strategic initiative towards a greener future
Indian Renewable Energy Development Agency Ltd. (IREDA) has announced that it has opened an office in GIFT City, Gandhinagar, which will specialize in providing debt options denominated in foreign currencies. This move is a part of IREDA's strategic initiative to contribute to the country's journey towards a greener future by facilitating natural hedging and significantly reducing the financing costs for Green Hydrogen and Renewable Energy Manufacturing projects.
- GIFT City (Gujarat International Finance Tech-City) is a 15.5 square kilometer business district in Gandhinagar, Gujarat, India.
-It is India's first operational greenfield smart city and is home to a multi-service Special Economic Zone (SEZ). Within the SEZ, there are two important areas: India's first International Financial Services Centre (IFSC) and a Domestic Tariff Area (DTA). The IFSC is a hub for international financial services, while the DTA is a space for domestic businesses.
- The city is designed to be a global hub for financial and business services, with commercial and residential complexes.
- It aims to be a "smart city" for India's growing finance and technology sectors, and to be on par with global centers like London, Shanghai, New York, Hong Kong, Singapore, and Dubai.
- Many Indian banks and global companies like Oracle, JP Morgan & Chase, Bank of America, Morgan Stanley, Barclays, and Citibank have already set up shops in GIFT City.
What is IREDA?
- Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise
- IREDA is under the administrative control of Ministry of New and Renewable Energy (MNRE)
- IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987
- IREDA is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation
- The motto of IREDA is "ENERGY FOR EVER"
IREDA CMD highlights critical role of energy storage in achieving National Green Hydrogen Mission’s ambitious target
During a panel discussion on "Future Growth Opportunities for Long Duration Energy Storage" at the World Future Energy Summit 2024 in Abu Dhabi on April 17, 2024, the Chairperson & Managing Director of IREDA, Shri Pradip Kumar Das emphasized the critical role that energy storage will play in achieving the National Green Hydrogen Mission’s ambitious target of over 5 million metric tons per annum (MTPA) Hydrogen production by 2030. He highlighted several key priorities for advancing storage technologies.
- Enhancing research and development to reduce cost and improve performance of energy storage solutions
- Strengthening the supply chain network for successful deployment of energy storage technologies
- Providing competitive and tailored financial solutions to encourage investment in energy storage projects
India's steps towards achieving the storage requirement roadmap
India has taken active steps in this direction, which include the formulation of a storage requirement roadmap up to 2047, technology-agnostic storage tenders, and supportive government interventions for battery manufacturing and pumped storage hydropower projects. The Central Electricity Authority of India projects a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment exceeding Rs. 3.5 lakh crores.
IREDA's commitment towards supporting the deployment of energy storage technologies in India
IREDA has been at the forefront of renewable energy financing through the provision of innovative products for emerging technologies at competitive rates and is committed to support the deployment of energy storage technologies in India. The opening of its office in GIFT City is a step towards achieving this goal and will enable IREDA to provide foreign currency debt options for Green Hydrogen and Renewable Energy Manufacturing projects.
In conclusion, IREDA's move to open an office in GIFT City to facilitate foreign currency debt options for Green Hydrogen and Renewable Energy Manufacturing projects is a significant step towards achieving India's National Green Hydrogen Mission. With its strategic initiatives and commitment towards supporting the deployment of energy storage technologies in India, IREDA is playing a crucial role in the country's journey towards a greener future.
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