In a significant move towards advancing India’s renewable energy sector, the Indian Renewable Energy Development Agency Ltd. (IREDA) has inaugurated an office in GIFT City, Gandhinagar. This office will specialize in offering debt options denominated in foreign currencies, aiming to facilitate natural hedging and substantially decrease financing costs for Green Hydrogen and Renewable Energy Manufacturing projects.
The inauguration of the office was underscored by Pradip Kumar Das, Chairperson & Managing Director of IREDA, during a panel discussion on “Future Growth Opportunities for Long Duration Energy Storage” at the World Future Energy Summit 2024 in Abu Dhabi, held on April 17, 2024.
Das emphasized the pivotal role that energy storage will play in realizing the ambitious targets set by the National Green Hydrogen Mission, particularly aiming for over 5 million metric tons per annum (MTPA) of hydrogen production by 2030. He outlined several key priorities for advancing storage technologies, including enhancing research and development efforts to drive down costs and enhance performance.
Moreover, Das stressed the importance of implementing policies to strengthen the supply chain network for successful deployment of energy storage technologies. He highlighted the necessity of providing competitive and tailored financial solutions to encourage investments in energy storage projects.
India has been actively pursuing initiatives to bolster its energy storage infrastructure, including formulating a storage requirement roadmap up to 2047 and conducting technology-agnostic storage tenders. Additionally, supportive government interventions for battery manufacturing and pumped storage hydropower projects have been pivotal in driving progress in this sector.
According to projections by the Central Electricity Authority of India, the country anticipates a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, necessitating an estimated investment exceeding ₹3.5 lakh crores.
IREDA, renowned for its pioneering role in renewable energy financing, has been offering innovative products for emerging technologies at competitive rates. The agency remains steadfast in its commitment to support the deployment of energy storage technologies in India, marking a significant stride towards a sustainable and greener future.
