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Indian Renewable Energy Development Agency Ltd. (IREDA) has incorporated a wholly-owned subsidiary in the International Financial Services Centre (IFSC) located in GIFT City, Gujarat. The new subsidiary, named “IREDA Global Green Energy Finance IFSC Limited,” was officially incorporated on 7th May 2024, after receiving the Reserve Bank of India’s No Objection letter on 8th February 2024.
This landmark development signifies a momentous step in IREDA’s mission to pioneer innovative approaches to green financing. The subsidiary not only positions IREDA to extend its global reach but also serves as an offshore platform for securing competitive funding to drive the growth of the renewable energy sector, aligning with the Government of India’s ambitious ‘Panchamrit’ targets.
The establishment of IREDA Global Green Energy Finance IFSC Limited in GIFT City is expected to unlock fresh business prospects for IREDA and solidify its position as a trailblazer in the sector of green financing, both domestically and internationally. By tapping into its financial ecosystem, IREDA aims to facilitate greater access to innovative financing alternatives and foster enhanced collaboration with international investors.
The move is anticipated to catalyze the advancement of renewable energy projects within India and abroad, aligning with IREDA’s vision of sustainable development through renewable energy investments. With its presence in the IFSC, IREDA anticipates greater access to innovative financing alternatives and enhanced collaboration with international investors, which will encourage renewable energy projects across borders.
The incorporation of the subsidiary in GIFT City underscores the Indian government’s unwavering commitment to promoting renewable energy and achieving its ambitious climate goals. By leveraging the expertise and resources of IREDA Global Green Energy Finance IFSC Limited, IREDA aims to contribute to the nation’s transition towards a more eco-friendly energy landscape.
IREDA’s venture into GIFT City emphasizes its dedication to pioneering innovative solutions and fostering global partnerships to drive the green energy revolution.