IREDA establishes IFSC subsidiary in GIFT city

IFSC subsidiary in GIFT city: To bolster its global presence and fortify financing avenues for renewable energy initiatives, state-owned Indian Renewable Energy Development Agency Limited (IREDA) announced the incorporation of its subsidiary, IREDA Global Green Energy Finance IFSC Limited, at the International Financial Services Centre (IFSC) situated in GIFT City, Gujarat.

IREDA Global Green Energy Finance IFSC Limited formally came into existence on May 7, following the issuance of a no objection letter by the Reserve Bank of India (RBI) in February 2024. The subsidiary's establishment at IFSC GIFT City aligns with IREDA's vision to leverage international financial platforms for sourcing competitive funding, thereby catalyzing the expansion of the renewable energy sector.

Pradip Kumar Das, Chairman & Managing Director of IREDA, articulated the significance of this milestone, stating, "This subsidiary not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector's growth." He emphasized that IREDA's foray into the IFSC realm is poised to unlock novel business opportunities and solidify its footprint on the global stage within the renewable energy domain.

IREDA, operating under the aegis of the Ministry of New and Renewable Energy (MNRE), serves as a pivotal Non-Banking Financial Institution dedicated to promoting, developing, and facilitating financial assistance for projects centered around new and renewable energy sources, as well as energy efficiency and conservation initiatives.

The incorporation of IREDA Global Green Energy Finance IFSC Limited underscores a strategic synergy between governmental support and financial innovation, with the aim of propelling sustainable energy initiatives both domestically and internationally. By leveraging the conducive regulatory framework and robust infrastructure offered by IFSC GIFT City, IREDA endeavors to enhance accessibility to capital and foster collaboration across borders to accelerate the transition towards cleaner energy solutions.

(with PTI inputs)