The Indian Renewable Energy Development Agency Ltd. (IREDA) has officially opened a new office in GIFT City, Gandhinagar, which will focus on providing Foreign Currency-denominated debt options. This initiative is set to lower the financial burdens of Green Hydrogen and Renewable Energy Manufacturing projects, offering natural hedging and propelling India towards a sustainable future. The announcement was made by Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, during a panel at the World Future Energy Summit 2024 in Abu Dhabi.
In his discussion on “Future Growth Opportunities for Long Duration Energy Storage,” Shri Das underlined the pivotal role of energy storage in meeting the National Green Hydrogen Mission’s target of producing over 5 million metric tons of Hydrogen annually by 2030. He outlined several key areas for advancement, including boosting research and development to enhance the affordability and efficiency of energy storage solutions, strengthening the supply chain network through effective policies, and providing competitive financial solutions to spur investments in the sector.
India has been actively preparing for increased energy storage needs, evident from the development of a storage requirement roadmap stretching to 2047, the introduction of technology-agnostic storage tenders, and supportive government measures for battery manufacturing and pumped storage hydropower. The Central Electricity Authority of India forecasts a demand for nearly 400 gigawatt-hours (GWh) of storage by 2030-32, with potential investments topping Rs. 3.5 lakh crore.
With a strong track record in renewable energy financing, IREDA continues to lead by offering innovative financial products for emerging technologies at competitive rates, ready to support India’s growing needs in energy storage deployment.
