IREDA’s GIFT city office to accelerate green hydrogen financing

Focuses on lowering financing costs for green hydrogen and renewable energy manufacturing projects.

Indian Renewable Energy Development Agency Ltd. (IREDA) has opened a new office in GIFT City, Gandhinagar, focusing on offering foreign currency-denominated debt options. This move aims to significantly lower financing costs for green hydrogen and renewable energy manufacturing projects, facilitating natural hedging and expediting the country’s transition to a greener future. Pradip Kumar Das, Chairman & Managing Director of IREDA, highlighted this strategic initiative during a panel discussion on “Future Growth Opportunities for Long Duration Energy Storage” at the World Future Energy Summit 2024 in Abu Dhabi today.

In his address, Das underscored the crucial role of energy storage in meeting the National Green Hydrogen Mission’s ambitious target of over 5 million metric tons per annum (MTPA) hydrogen production by 2030. He identified several key priorities for advancing storage technologies.

Das emphasised the importance of enhancing research and development efforts to improve the cost-effectiveness and performance of energy storage solutions. Implementing policies to strengthen the supply chain network is crucial for the successful deployment of energy storage technologies. Offering competitive and customised financial solutions will attract investment in energy storage projects.

India has proactively developed a storage requirement roadmap up to 2047, including technology-agnostic storage tenders and government support for battery manufacturing and pumped storage hydropower. The Central Electricity Authority of India projects a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment exceeding ₹ 3.5 lakh crore.

IREDA has been at the forefront of renewable energy financing, providing innovative products for emerging technologies at competitive rates. It is ready to support the deployment of energy storage technologies in India.