State-owned Indian Renewable Energy Development Agency (IREDA) on Friday said it is planning to establish an office in Gujarat's GIFT City to finance Renewable Energy projects in foreign currency.

Share Market Live

NSE

The office at GIFT City, Gandhinagar, will be classified as an overseas office, allowing the IREDA to avoid foreign exchange hedging costs.

The announcement was made by Pradip Kumar Das, chairman, and managing director, during a panel discussion on "Scaling up Clean Energy Investment in Emerging Economies" under the aegis of G20 events at the ministry of new and renewable energy on February 23, 2023.

Also Read: Sky is the limit for India, but not enough has been done, says DLF’s KP Singh

He stressed the significance of the Green Taxonomy to raise the approximately Rs 25 lakh crore fund for green energy projects by 2030. Also, Das said Insurance and Superannuation funds can be mandated to invest 2 percent of their assets under management in Green Bonds to finance green energy projects.

Speaking of the IREDA's phenomenal growth over the past three years, he said, "As a result of IREDA's proactive approach of proper review and monitoring, the company has been able to lower its net NPAs from 7.18 percent to 2.03 percent during the past three years."

He emphasised that IREDA has been working to ensure the highest standards of Corporate Governance by implementing the 3Cs principles of Conviction, Commitment, and Clarity.

Also Read: ‘More work in less time’: Nine in 10 UK employers give thumbs up to four-day work week

Das said IREDA has been a trend-setter to introduce unique financial products as per market requirements.

He also highlighted that all the major multilateral and bilateral agencies such as World Bank, KfW, JICA, and ADB, etc. preferred to channel their funds through IREDA for RE projects, demonstrating that IREDA is the top choice for RE funding.

(Edited by : Pradeep John)