Indian Renewable Energy Development Agency Ltd. (IREDA) has marked a significant milestone in its journey towards pioneering green financing with the incorporation of its wholly-owned subsidiary in the International Financial Services Centre (IFSC) situated in Gujarat International Finance Tec-City (GIFT City), Gujarat. Named ‘IREDA Global Green Energy Finance IFSC Limited,’ the subsidiary received its official incorporation on 7th May, 2024, following the issuance of a No Objection letter by the Reserve Bank of India on 8th February, 2024, granting permission to establish the finance company in IFSC GIFT City.
Pradip Kumar Das, Chairperson & Managing Director of IREDA, emphasized the strategic importance of IREDA’s presence in GIFT City, stating that it signifies a momentous step in the organization’s mission to spearhead innovative approaches to green financing. He highlighted the dual role of the subsidiary in extending IREDA’s global reach and serving as an offshore platform for securing competitive funding to drive the growth of the renewable energy sector, aligning closely with the Government of India’s ambitious ‘Panchamrit’ targets.
The CMD underscored the anticipated benefits of IREDA’s entry into the IFSC, noting that it is poised to unlock fresh business prospects and establish a robust global footprint in the renewable energy sector. He outlined IREDA’s vision of facilitating sustainable development through renewable energy investments, both domestically and internationally, and expressed confidence that the subsidiary’s presence in the IFSC would pave the way for greater access to innovative financing alternatives and enhanced collaboration with international investors. This, in turn, is expected to bolster the advancement of renewable energy projects in India and abroad.
