New Delhi: IREDA is planning to establish 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 the IREDA to avoid foreign exchange hedging costs.

Pradip Kumar Das, Chairman and Managing Director (CMD), Indian Renewable Energy Development Agency (IREDA), informed this while he was speaking in 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 23rd February 2023.

He stressed the significance of the green taxonomy to raise the approximately Rs 25 lakh crore fund for green energy projects by 2030. He urged that insurance and superannuation funds can be mandated to invest two per cent of their assets under management in green bonds to finance green energy projects.

Speaking about IREDA’s phenomenal growth over the past three years, Das remarked that we have concentrated on providing a hand holding approach to our stakeholders with every possible 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 from 7.18 per cent to 2.03 per cent during the past three years.

Dinesh Jagdale, Joint Secretary, MNRE and Tim Gould, Chief Energy Economist, International Energy Agency (IEA) and other senior officials from ADB, NTPC, SECI and CEEW also participated in the panel discussion. /BI/