The Indian Renewable Energy Development Agency Limited (IREDA) made a significant stride in global renewable energy finance by announcing its first international loan through its wholly owned subsidiary, IREDA Global Green Energy Finance IFSC Limited (IGGEFIL). The decision, finalized during a Board meeting in New Delhi, marks the subsidiary’s inaugural entry into the international green financing market.
The milestone loan, valued at USD 22.5 million, has been sanctioned to M/s Swarna Solar Limited (SSL) to support the development of a 100 MW photovoltaic solar power plant in the Serenje District of Zambia’s Central Province. This project is an important step in expanding India’s contribution to sustainable energy infrastructure beyond its borders, reinforcing the country’s commitment to global renewable energy development.
Shri Pradip Kumar Das, who serves as the Chairman and Managing Director of IREDA and Chairman of IGGEFIL, described the sanction as a landmark moment for the organization. He highlighted that IGGEFIL’s presence in GIFT City provides access to competitive international capital, enabling the financing of renewable energy projects at a global scale. Das further noted that the Zambian solar project aligns with India’s broader vision of maintaining a leadership role in international renewable energy initiatives.
The official communication regarding this achievement was signed by Ekta Madan, the Company Secretary and Compliance Officer of IREDA, and submitted to both the National Stock Exchange of India and BSE Limited. Headquartered in New Delhi, IREDA is a Navratna Government of India Enterprise focused on promoting and financing renewable energy and energy efficiency. This first international sanction by IGGEFIL underscores the agency’s evolving role as a global catalyst for clean energy financing and highlights India’s growing footprint in supporting sustainable energy projects worldwide.
The approval of this loan not only signifies IREDA’s commitment to renewable energy but also reflects India’s increasing influence in shaping global clean energy investment, paving the way for more cross-border collaborations in the green energy sector.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
