The Indian Renewable Energy Development Agency (IREDA), established a wholly-owned subsidiary within the International Financial Services Centre (IFSC) situated in GIFT City, Gujarat. Named ‘IREDA Global Green Energy Finance IFSC’, the incorporation of the subsidiary was finalized on May 7, 2024. Prior to this, on February 8, 2024, the Reserve Bank of India granted its approval for the establishment of the finance company within the IFSC GIFT City.
The establishment of IREDA’s presence in GIFT City marks a significant stride towards its commitment to pioneering innovative strategies in green financing. The subsidiary not only expands IREDA’s global outreach, but also serves as an offshore platform for securing competitive funding, in alignment with the ‘Panchamrit’ targets set by the Government of India (GoI).
IREDA’s venture into the IFSC is expected to unlock new business opportunities and solidify its international presence in the renewable energy (RE) sector. The strategic move resonates with IREDA’s overarching vision of fostering sustainable development through investments in renewable energy, both domestically and globally.
As reported by Projects Today, furthermore, it will facilitate broader access to innovative financing options and foster closer collaboration with international investors, thereby accelerating the advancement of renewable energy projects both within India and abroad.
