IREDA’s Gandhinagar office to boost green hydrogen and renewable energy manufacturing projects

 Indian Renewable Energy Development Agency Limited (IREDA) has opened an office in GIFT City, Gandhinagar, specialising in offering debt options denominated in foreign currencies. This initiative aims to enable natural hedging and substantially decrease financing costs for Green Hydrogen and Renewable Energy Manufacturing projects, thereby supporting India’s shift towards a more sustainable future.

The announcement was made by IREDA’s Chairperson & Managing Director, Pradip Kumar Das, during a panel discussion on “Future Growth Opportunities for Long Duration Energy Storage” at the World Future Energy Summit 2024 in Abu Dhabi on April 17, 2024. Das emphasised the critical role of energy storage in achieving the National Green Hydrogen Mission’s ambitious target of over 5 million metric tons per annum (MTPA) of hydrogen production by 2030.

He outlined key priorities for advancing storage technologies, including enhancing research and development efforts to reduce costs and improve performance, implementing policies to strengthen the supply chain network, and providing competitive financial solutions to encourage investment in energy storage projects. India has undertaken several initiatives in this direction, including formulating a storage requirement roadmap up to 2047, issuing technology-agnostic storage tenders, and implementing supportive government interventions for battery manufacturing and pumped storage hydropower projects.

The Central Electricity Authority of India forecasts a storage demand of close to 400 gigawatt-hours (GWh) by 2030-32, necessitating an estimated investment of over Rs 3.5 lakh crore. IREDA has been a pioneer in renewable energy financing, offering innovative products for emerging technologies at competitive rates, and is committed to supporting the deployment of energy storage technologies in India.