IREDA Calls for Enabling Policy Framework to Accelerate Green Infrastructure Financing through GIFT IFSC

At a roundtable organised by the International Financial Services Centres Authority (IFSCA) in collaboration with the Ministry of New and Renewable Energy (MNRE), Pradip Kumar Das, Chairman and Managing Director of Indian Renewable Energy Development Agency (IREDA), outlined the agency’s strategy for strengthening offshore capital mobilisation to support India’s renewable energy transition.

The session was chaired by MNRE Secretary Shri Santosh Kumar Sarangi and brought together senior policymakers and financial sector leaders, including D.J. Pandian, Director General of the New Development Bank; J.V.N. Subramanyam, Joint Secretary, MNRE; Dipesh Shah, Executive Director, IFSCA; and Ashish Khanna, Director General of the International Solar Alliance, along with representatives from financial institutions and investor groups.

Das highlighted that the establishment of IREDA’s subsidiary at GIFT International Financial Services Centre (IFSC) was designed to access diversified foreign currency resources and optimise hedging costs. The move, he noted, aims to enable more competitive financing solutions for India’s renewable energy sector.

He underscored the need for continuous alignment between regulatory frameworks and evolving market expectations, particularly with respect to capital adequacy norms and sponsor support mechanisms, to strengthen investor confidence and improve the efficiency of capital flows.

Das also called for periodic review and expansion of the Harmonised Master List of Infrastructure Sub-Sectors to incorporate emerging priority segments such as green hydrogen, ethanol and renewable energy component manufacturing. Inclusion of these sectors, he said, would facilitate access to long-term infrastructure financing at scale.

IREDA reaffirmed its commitment to working closely with regulators and stakeholders to deepen India’s sustainable finance ecosystem, including leveraging opportunities through GIFT City to attract global capital for the country’s clean energy ambitions.