IREDA Establishes Office in Gift City to Boost Green Hydrogen and Renewable Energy Projects

Gandhinagar: Indian Renewable Energy Development Agency Ltd. (IREDA) has taken a significant stride towards bolstering India’s renewable energy landscape with the inauguration of a specialized office in GIFT City, Gandhinagar. This office will focus on offering debt options denominated in foreign currencies, aiming to facilitate natural hedging and substantially reduce financing costs for Green Hydrogen and Renewable Energy Manufacturing projects.

The announcement was made by Shri Pradip Kumar Das, Chairperson & Managing Director of IREDA, 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. Das underscored the strategic importance of this initiative in driving India’s transition towards a greener future.

Highlighting the pivotal role of energy storage in realizing the objectives of the National Green Hydrogen Mission, Das emphasized the mission’s ambitious target of over 5 million metric tons per annum (MTPA) Hydrogen production by 2030. He outlined key priorities for advancing storage technologies, including intensified research and development efforts to enhance performance and reduce costs.

Furthermore, Das emphasized the necessity of robust policies aimed at strengthening the supply chain network to facilitate the successful deployment of energy storage technologies. He advocated for competitive and customized financial solutions to incentivize investments in energy storage projects.

India has been proactive in advancing energy storage technologies, with initiatives such as formulating 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 forecasts a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, necessitating an estimated investment exceeding Rs. 3.5 lakh crores.

IREDA, known for its pioneering role in renewable energy financing, has been instrumental in providing innovative financial products for emerging technologies at competitive rates.