New Delhi: IREDA Global Green Energy Finance IFSC Ltd. (IGGEFIL), the wholly owned international subsidiary of the Indian Renewable Energy Development Agency Ltd. (IREDA), has sanctioned its first-ever international green energy loan. The IGGEFIL Board, in a meeting held in New Delhi, approved a loan of $22.5 million to Swarna Solar Limited (SSL) for the development of a 100 MW photovoltaic solar power plant in the Serenje District of Zambia’s Central Province. This marks a significant milestone for IGGEFIL since its incorporation at GIFT City, Gujarat.
Global Expansion of India’s Green Financing
The loan sanction reflects a key step in IREDA’s strategy to expand India’s green financing footprint beyond domestic markets. Through IGGEFIL, IREDA plans to leverage international financial systems to facilitate sustainable energy development across geographies, promoting renewable energy adoption globally. The approval of the loan underscores India’s growing role in financing green energy projects internationally.
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Boost to Renewable Energy in Zambia
The 100 MW solar power project in Zambia is expected to significantly contribute to the country’s clean energy generation, supporting regional energy security and sustainable development goals. IGGEFIL’s support is seen as a strategic initiative to combine global capital with renewable energy expertise, reflecting IREDA’s commitment to green energy leadership on the world stage.
Significance of IGGEFIL’s First Loan
Commenting on the development, IREDA Chairman and Managing Director Pradip Kumar Das, who also chairs IGGEFIL, said that the sanction marks a landmark achievement for the organisation. He highlighted that IGGEFIL’s operations from GIFT City provide access to competitive international capital, enabling the promotion of renewable energy projects both in India and abroad. Supporting a solar project in Zambia is a demonstration of IREDA’s commitment to sustainable growth and aligns with the Government of India’s vision of global leadership in renewable energy.
About IREDA
The Indian Renewable Energy Development Agency Ltd. (IREDA) is a public sector enterprise under the Ministry of New and Renewable Energy. It primarily finances, promotes, and develops renewable energy projects across India. With IGGEFIL, IREDA has now expanded its operations internationally, aiming to become a key player in global green energy financing, leveraging international funds to accelerate the adoption of clean energy worldwide.
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