IREDA's GIFT city office to spearhead green hydrogen and renewable energy manufacturing projects

In a pivotal move towards accelerating India's transition to a sustainable and eco-friendly energy landscape, the Indian Renewable Energy Development Agency Ltd. (IREDA) has inaugurated a specialized office in GIFT City, Gandhinagar, to bolster the financing of Green Hydrogen and Renewable Energy Manufacturing projects by offering debt options denominated in foreign currencies.

According to a press release by the Ministry of New and Renewable energy, the establishment of this office heralds a step towards realizing the nation's aspirations for a greener future.

Chairperson and 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 World Future Energy Summit 2024 in Abu Dhabi on April 17.

Highlighting the pivotal role of energy storage in achieving the ambitious targets set under the National Green Hydrogen Mission, he outlined key priorities for advancing storage technologies, read the press release.

Central to his discourse was the imperative need to intensify research and development endeavors aimed at reducing costs and enhancing the performance of energy storage solutions.

Additionally, he emphasized the significance of implementing policies geared towards strengthening the supply chain network to facilitate the successful deployment of energy storage technologies.

Providing competitive and tailored financial solutions, he added, would incentivize investment in energy storage projects, thereby accelerating their adoption.

India has proactively undertaken various measures to bolster its energy storage infrastructure. These include the formulation of a comprehensive storage requirement roadmap up to 2047, technology-agnostic storage tenders, and supportive government interventions to promote battery manufacturing and pumped storage hydropower projects.

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

IREDA, renowned for its role in renewable energy financing, has been at the forefront of providing innovative financial products for emerging technologies at competitive rates.

With its steadfast commitment to supporting the deployment of energy storage technologies in India, IREDA aims to catalyze the nation's transition towards a sustainable energy ecosystem.