April 19, 2024: IREDA's recent inauguration of a specialized office in GIFT City, Gandhinagar, signals a pivotal advancement in India's pursuit of a sustainable and eco-friendly energy landscape. As a key player in renewable energy financing, IREDA aims to facilitate the funding of Green Hydrogen and Renewable Energy Manufacturing projects through this dedicated office. This strategic move underscores India's steadfast commitment to fostering green energy initiatives and aligns with the nation's broader objectives outlined by the Ministry of New and Renewable Energy.

During a panel discussion held at the World Future Energy Summit 2024 in Abu Dhabi, Mr. Pradip Kumar Das, Chairperson and Managing Director of IREDA, emphasized the indispensable role of energy storage in realizing targets set forth by the National Green Hydrogen Mission. Mr. Das underscored the importance of intensified research and development endeavors aimed at reducing costs and enhancing the performance of energy storage solutions. Additionally, he highlighted the necessity for supportive policies and a robust supply chain to facilitate the successful execution of energy storage projects across India.

India's proactive measures to fortify its energy storage infrastructure include the formulation of a comprehensive storage requirement roadmap and the promotion of battery manufacturing and pumped storage hydropower projects. The Central Electricity Authority forecasts a substantial increase in storage demand by 2030-32, signaling the need for significant investments to meet the nation's evolving energy needs.

Renowned for its innovative financing solutions, IREDA aims to play a pivotal role in supporting the deployment of energy storage technologies throughout India. By providing financial assistance and fostering partnerships within the renewable energy sector, IREDA seeks to accelerate the nation's transition to a sustainable energy ecosystem. Through its specialized office in GIFT City, IREDA aims to streamline financing processes and provide tailored support to Green Hydrogen and Renewable Energy Manufacturing ventures, thereby contributing to India's broader sustainability goals.

IREDA's initiative not only exemplifies its commitment to sustainability but also underscores the pivotal role of financial institutions in driving positive change within the renewable energy landscape. As India continues to navigate its transition towards clean and renewable energy sources, initiatives like these are crucial in realizing the nation's ambitious green energy objectives while promoting economic growth and environmental stewardship.