IREDA funds renewable energy projects in foreign currency

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.

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