Indian Renewable Energy Development Agency To Set Up Office In Gujarat's GIFT City

State-owned Indian Renewable Energy Development Agency (IREDA) has planned to set up an office in Gujarat's GIFT City to finance renewable energy projects in foreign currency. "IREDA is planning to establish an office in Gujarat's GIFT City to finance renewable energy projects in foreign currency," a company statement said.

The office at GIFT City, Gandhinagar, will be classified as an overseas office, allowing the IREDA to avoid foreign exchange hedging cost, it stated. Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA, informed this while 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 approximately Rs 25 lakh crore for green energy projects by 2030. He suggested that insurance and superannuation funds can be mandated to invest 2 per cent of their assets under management in green bonds to finance green energy projects. Das remarked that as a result of IREDA's proactive approach of proper review and monitoring, the company has been able to lower its net NPAs (bad loans) from 7.18 per cent to 2.03 per cent during the past three years.