On Friday, the state-run Indian Renewable Energy Development Agency (IREDA) said it plans to open an office in Gujarat’s GIFT city to finance renewable energy projects in foreign currency.

The office in GIFT City, Gandhinagar, will be classified as an overseas office, enabling IREDA to avoid foreign exchange hedging costs.

On February 23, 2023, Pradeep Kumar Das made the announcement, Chairman and MD, 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.

He highlighted the importance of the green taxonomy in mobilising around Rs 25 lakh crore in funding for green energy projects by 2030. In addition, insurance and pension funds may be required to invest 2% of their assets under management in green bonds to finance green energy projects, Das said.

Commenting on IREDA’s remarkable growth over the past three years, he said, “Thanks to IREDA being proactive with proper scrutiny and monitoring, the company has been able to reduce its net NPA from 7.18% to 2.03% over the past three years.”

He emphasised that IREDA has always been committed to ensuring the highest standard of corporate governance by implementing the 3Cs principles of conviction, commitment and clarity.

According to Das, IREDA has been a trendsetter in launching unique financial products based on market demand.

He also highlighted that major multilateral and bilateral institutions such as the World Bank, KfW, Japan International Cooperation Agency (JICA) and Asian Development Bank (ADB) favour IREDA for financing renewable energy projects, indicating that IREDA is the first choice for renewable energy financing.