In order to fund renewable energy projects in foreign currency, IREDA will establish a facility in Gujarat’s GIFT city.
To fund renewable energy projects in foreign currency, IREDA intends to open an office in Gujarat’s GIFT City. The IREDA would be able to save money on currency hedging by designating the office in Gandhinagar’s GIFT City as an overseas office.
Recently, at the Ministry of New and Renewable Energy, Pradip Kumar Das, Chairman & Managing Director (CMD), Indian Renewable Energy Development Agency (IREDA), shared this information during a panel discussion on “Scaling up Clean Energy Investment in Emerging Economies” sponsored by G20 events.
He emphasised the importance of the Green Taxonomy in order to raise the estimated 25 lakh crores of rupees needed to fund green energy projects by 2030. He argued that superannuation and insurance funds should be required to invest 2 percent of the assets they manage in green bonds to fund renewable energy initiatives.
Owing to IREDA’s tremendous expansion over the past three years, they have focused on giving its stakeholders a helping hand and every support they can in accordance with the highest corporate governance standards. In the last three years, the company has been able to reduce its net NPAs from 7.18 percent to 2.03 percent as a result of IREDA’s proactive approach to proper evaluation and monitoring.
When it comes to introducing novel financial solutions that meet market demands, IREDA sets the standard. By putting the 3Cs concepts of conviction, commitment, and clarity into practise, IREDA has been trying to achieve the highest standards of corporate governance.
Further evidence that IREDA is the best alternative for RE finance comes from the fact that all significant multilateral and bilateral organisations, including the World Bank, KfW, JICA, and ADB, prefer to route their money for RE projects through IREDA. To speed up financial support by lowering processing times and other bottlenecks, it was requested that these agencies reassess their appraisal procedure. With finance, IREDA would continue to play an important role in the RE industry.
Tim Gould, Chief Energy Economist for the International Energy Agency (IEA), Dinesh Jagdale, Joint Secretary for MNRE, and other senior representatives from ADB, NTPC, SECI, and CEEW also took part in the panel discussion.
