The Indian Renewable Energy Development Agency Ltd. (IREDA) inaugurated an office in GIFT City, Gandhinagar, specializing in offering debt options in foreign currencies. This initiative aims to enable natural hedging, significantly cutting financing costs for Green Hydrogen and Renewable Energy Manufacturing projects. Shri Pradip Kumar Das, Chairperson & Managing Director of IREDA, highlighted this strategic move during a panel discussion titled “Future Growth Opportunities for Long Duration Energy Storage” at the World Future Energy Summit 2024 in Abu Dhabi on April 17, 2024.
Das underscored the pivotal role of energy storage in achieving the National Green Hydrogen Mission’s ambitious target of producing over 5 million metric tons per annum (MTPA) of hydrogen by 2030. He outlined key priorities for advancing storage technologies.
The CMD stressed the imperative of intensifying research and development to lower costs and enhance performance of energy storage solutions. He emphasized the importance of implementing policies that fortify the supply chain network to ensure successful deployment of energy storage technologies. Offering competitive and tailored financial solutions will spur investment in energy storage projects, he added.
India has taken proactive measures in this direction, including formulating a storage requirement roadmap up to 2047, issuing technology-agnostic storage tenders, and providing supportive government interventions for battery manufacturing and pumped storage hydropower projects. The Central Electricity Authority of India projects a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment exceeding Rs. 3.5 lakh crores.
IREDA has been a pioneer in renewable energy financing, offering innovative products for emerging technologies at competitive rates. It remains committed to supporting the deployment of energy storage technologies in India.
