• The Indian Renewable Energy Development Agency (IREDA) has set up an office in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, to provide foreign currency-denominated debt financing for green hydrogen and renewable energy manufacturing projects.
• This move is particularly crucial in the context of India’s ambitious National Green Hydrogen Mission, which aims to produce over 5 million metric tons per annum (MTPA) of hydrogen by 2030.

ABOUT IRDEA

• IREDA is a mini ratna company under the Ministry of New and Renewable Energy (MNRE).
• It was set up in 1987 as a specialized non-banking finance agency for the renewable energy sector.
• IREDA plays a key role in renewable energy project financing which gives confidence to the financial institutions/banks to lend in the sector.