Indian Renewable Energy Development Agency Ltd. (IREDA) has launched a new subsidiary named “IREDA Global Green Energy Finance IFSC Limited” in the International Financial Services Centre (IFSC) at GIFT City, Gujarat. This development occurred on May 7, 2024, following approval from the Reserve Bank of India on February 8, 2024, allowing IREDA to establish a finance company in IFSC GIFT City.
According to Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, the establishment of this subsidiary in GIFT City represents a significant advancement in the agency’s goal to lead innovative green financing methods. The move enables IREDA to enhance its international presence and provides a platform for securing competitive funds necessary for the growth of the renewable energy sector. This aligns with the Government of India’s ‘Panchamrit’ initiative aimed at boosting the country’s renewable energy capabilities.
Das further stated that IREDA’s entry into the IFSC will open up new business opportunities and establish its presence on the global stage in the renewable energy sector. The strategic location within the IFSC will offer IREDA access to innovative financing options and foster collaborations with international investors, thus promoting the development of renewable energy projects both in India and globally.
