Saturday, July 13, 2024

Ireda to set up office in Gujarat’s GIFT City to finance renewable energy projects

State-owned Indian Renewable Energy Development Agency (Ireda) plans to set up an office in Gujarat’s GIFT City to finance Renewable Energy projects in foreign currency. The office at GIFT City, Gandhinagar, will be classified as an overseas office, allowing Ireda avoid foreign exchange hedging costs.

The announcement was made by Pradip Kumar Das, chairman, and managing director, during a panel discussion on “Scaling up Clean Energy Investment in Emerging Economies” under the aegis of G20 events at the ministry of new and renewable energy on 23 February.

He stressed on the significance of Green Taxonomy to raise the approximately a Rs.25 trillion fund for green energy projects by 2030. He suggested that insurance and superannuation funds can be mandated to invest 2% of their assets under management in green bonds to finance green energy projects.

Speaking of the Ireda’s phenomenal growth over the past three years, Das said there has been a deep focus hand-holding stakeholders and providing support in compliance with best Corporate Governance Standards. As a result of Ireda’s proactive approach of proper review and monitoring, the company has been able to lower its net NPAs over the past three years to 2.03% from 7.18%.

He emphasized that Ireda has been working to ensure highest standards of corporate governance.

He also highlighted that all major multilateral and bilateral agencies such as World Bank, KfW, JICA, and ADB, etc. preferred to channel their funds through Ireda for renewable energy projects.

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