The Business Bytes
New Delhi, May 09, 2024 (TBB Bureau): Indian Renewable Energy Development Agency Ltd. (IREDA) has made a significant stride in its commitment to fostering green financing with the incorporation of a wholly owned subsidiary in the International Financial Services Centre (IFSC) situated in Gujarat International Finance Tec-City (GIFT City), Gujarat.
Named “IREDA Global Green Energy Finance IFSC Limited,” the subsidiary was formally established on 7th May, 2024, following the issuance of a No Objection letter by the Reserve Bank of India on 8th February, 2024, allowing the setup of the finance company in IFSC GIFT City.
Commenting on this milestone, Pradip Kumar Das, Chairperson & Managing Director of IREDA, emphasized the significance of this move in IREDA’s journey towards pioneering innovative approaches to green financing. He stated, “IREDA’s presence in GIFT City signifies a momentous step in its mission to pioneer innovative approaches to green financing. This subsidiary not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector’s growth, aligning with the Government of India’s ambitious ‘Panchamrit’ targets.”
Das further elaborated on the strategic implications of IREDA’s entry into the IFSC, highlighting the potential for unlocking new business opportunities and establishing a global footprint in the renewable energy sector. He emphasized, “This strategic step is in line with IREDA’s vision of facilitating sustainable development through renewable energy investments, both domestically and internationally. With IREDA’s presence in the IFSC, we anticipate greater access to innovative financing alternatives and enhanced collaboration with international investors, encouraging the advancement of renewable energy projects in the country and abroad.”
IREDA’s foray into the IFSC GIFT City is anticipated to not only bolster its presence in the global arena but also catalyze the growth of renewable energy projects by facilitating access to diverse financing options and fostering collaboration with international stakeholders. This move underscores IREDA’s commitment to spearheading sustainable development through renewable energy investments and marks a significant step towards realizing India’s renewable energy targets.
