IREDA establishes new subsidiary in GIFT City to advance Global Green Energy Finance

The new entity, named "IREDA Global Green Energy Finance IFSC Limited," was officially incorporated on May 7, 2024, following approval from the Reserve Bank of India on February 8, 2024.

Indian Renewable Energy Development Agency Ltd. (IREDA) has taken a significant step forward in expanding its global presence in green energy finance by establishing a wholly owned subsidiary in the International Financial Services Centre (IFSC) located in GIFT City, Gujarat. The new entity, named "IREDA Global Green Energy Finance IFSC Limited," was officially incorporated on May 7, 2024, following approval from the Reserve Bank of India on February 8, 2024.

Shri Pradip Kumar Das, the Chairperson and Managing Director of IREDA, expressed enthusiasm about the new subsidiary, highlighting its strategic importance. "IREDA's presence in GIFT City is a pivotal development in our mission to pioneer innovative green financing methods. This subsidiary not only enhances our global outreach but also provides an offshore platform for securing competitive funding to boost the growth of the renewable energy sector," he stated.

The establishment of IREDA Global Green Energy Finance IFSC Limited aligns with the Government of India’s ‘Panchamrit’ targets, which aim to significantly boost the country's renewable energy output. According to CMD Das, IREDA's venture into the IFSC is expected to open new business avenues and solidify its position in the global renewable energy market.

"This strategic move is consistent with IREDA’s vision of promoting sustainable development through renewable energy investments, both within India and internationally. With this expansion, we look forward to accessing innovative financing options and strengthening collaborations with international investors. This will undoubtedly facilitate the advancement of renewable energy projects domestically and globally," added Das.