IREDA Establishes Wholly Owned Subsidiary in IFSC GIFT City

Gandhinagar: Indian Renewable Energy Development Agency Ltd. (IREDA) has marked a significant milestone in its journey towards green financing by incorporating a wholly owned subsidiary in the International Financial Services Centre (IFSC) located in GIFT City, Gujarat. The subsidiary, named “IREDA Global Green Energy Finance IFSC Limited,” was officially incorporated on 7th May, 2024, following the Reserve Bank of India’s No Objection letter issued on 8th February, 2024, for setting up the finance company in IFSC GIFT City.

Pradip Kumar Das, Chairperson & Managing Director of IREDA, expressed his views on this development, stating that IREDA’s presence in GIFT City marks a significant stride in its mission to pioneer innovative approaches to green financing. He emphasized that the subsidiary positions IREDA to extend its global reach and serve as an offshore platform for securing competitive funding to drive the growth of the renewable energy sector. Das highlighted the alignment of this initiative with the Government of India’s ambitious ‘Panchamrit’ targets, aimed at boosting renewable energy generation in the country.

Das further elaborated that IREDA’s entry into the IFSC is expected to unlock fresh business opportunities and establish its global footprint in the renewable energy sector. He emphasized that this strategic move aligns with IREDA’s vision of facilitating sustainable development through renewable energy investments, both domestically and internationally. By establishing a presence in the IFSC, IREDA anticipates greater access to innovative financing alternatives and enhanced collaboration with international investors, thereby fostering the advancement of renewable energy projects in India and abroad.