Introduction: The Indian Renewable Energy Development Agency (IREDA) has established a new office in GIFT City (Gujarat International Finance Tec-City) in Gandhinagar, Gujarat. This move aims to facilitate the financing of renewable and green hydrogen projects in foreign currencies, thereby reducing financial costs for these projects.
Significance:
- National Green Hydrogen Mission: The new office will play a pivotal role in implementing India’s National Green Hydrogen Mission, which aims to produce over 5 million metric tonnes per annum (MTPA) of hydrogen by 2030.
- Storage Capacity Investment: India aims to increase its storage capacity to around 400 GigaWatts-hour (GWh) by 2030-32, requiring an investment of Rs 3.5 lakh crore.
Background:
- Announcement: The initiative was announced during a panel discussion at the World Future Energy Summit 2024 held in Abu Dhabi, UAE.
- RBI Approval: In February 2024, IREDA received approval from the Reserve Bank of India (RBI) to establish its wholly-owned subsidiary at the International Financial Services Centre (IFSC) in GIFT City, Gujarat.
About IREDA:
- Status: Mini Ratna Category-I company under the Ministry of New and Renewable Energy (MNRE).
- Chairman and Managing Director (CMD): Pradip Kumar Das
- Headquarters: New Delhi, Delhi
- Established: 1987
Conclusion: IREDA’s new office in GIFT City marks a significant step towards supporting India’s ambitious renewable energy and green hydrogen targets, ensuring more efficient and cost-effective financing options for these crucial projects.
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