May 26, 2024
  • 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.
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