Indian Renewable Energy Development Agency Ltd. (IREDA) has established a specialized office in GIFT City, Gandhinagar, aimed at offering debt options denominated in foreign currencies. This strategic step is set to revolutionize the financing landscape for Green Hydrogen and Renewable Energy Manufacturing projects, providing natural hedging and reducing financing costs significantly.
Chairperson’s Vision at World Future Energy Summit
Shri Pradip Kumar Das, Chairperson & Managing Director of IREDA, underscored the significance of this initiative during a panel discussion titled “Future Growth Opportunities for Long Duration Energy Storage” at the 2024 World Future Energy Summit in Abu Dhabi on April 17, 2024. He outlined how this move aligns with the nation’s aspirations for a greener future.
Empowering the Green Hydrogen Mission
Das emphasized the pivotal role of energy storage in realizing the National Green Hydrogen Mission’s ambitious target of over 5 million metric tons per annum (MTPA) of hydrogen production by 2030. He outlined key priorities for advancing storage technologies to meet this target.
Priorities for Advancing Energy Storage
The CMD highlighted the imperative of boosting research and development efforts to enhance the cost-effectiveness and performance of energy storage solutions. He also stressed the importance of implementing policies that strengthen the supply chain network crucial for successful deployment. Das emphasized that providing competitive and tailored financial solutions will be instrumental in driving investment in energy storage projects.
India has been proactive in this realm, 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 anticipates a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment exceeding Rs. 3.5 lakh crores.
IREDA has consistently led in renewable energy financing by offering innovative products for emerging technologies at competitive rates. The establishment of this new office in GIFT City underscores IREDA’s commitment to supporting the deployment of energy storage technologies in India.
