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IREDA CMD Highlights Importance of Energy Storage for Ambitious Green Hydrogen Targets

IREDA Opens Office in GIFT City for Foreign Currency Debt Options underscoring its commitment to fostering a sustainable energy ecosystem and accelerating the adoption of green technologies.

Shivam Dwivedi
IREDA CMD Highlights Importance of Energy Storage for Ambitious Green Hydrogen Targets (Photo Source: PIB)
IREDA CMD Highlights Importance of Energy Storage for Ambitious Green Hydrogen Targets (Photo Source: PIB)

Indian Renewable Energy Development Agency Ltd. (IREDA) has launched a new office within the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. This office is designed to focus on offering debt options denominated in foreign currencies. The aim is to enable natural hedging and significantly reduce financing costs specifically for Green Hydrogen and Renewable Energy Manufacturing projects.

The announcement of this strategic initiative was made by Pradip Kumar Das, Chairperson & Managing Director of IREDA, during a panel discussion on “Future Growth Opportunities for Long Duration Energy Storage” held at the World Future Energy Summit 2024 in Abu Dhabi on April 17, 2024.

Facilitating Green Energy Projects

Das emphasized that this move is a crucial step towards achieving the nation's goals for a greener future. He highlighted the pivotal role of energy storage in fulfilling the ambitious targets of the National Green Hydrogen Mission, which aims to produce over 5 million metric tons per annum (MTPA) of hydrogen by 2030.

Key Priorities for Advancing Storage Technologies

During the discussion, the CMD outlined key priorities essential for advancing storage technologies. This includes enhancing research and development efforts to drive down costs and improve the performance of energy storage solutions. Das stressed the importance of implementing policies that strengthen the supply chain network to ensure the successful deployment of energy storage technologies.

India has already taken proactive measures in this realm, including formulating a storage requirement roadmap up to 2047, issuing technology-agnostic storage tenders, and implementing supportive government interventions to boost battery manufacturing and pumped storage hydropower projects. According to projections by the Central Electricity Authority of India, the country will require nearly 400 gigawatt-hours (GWh) of storage by 2030-32, with an estimated investment exceeding Rs. 3.5 lakh crores.

IREDA has been a frontrunner in renewable energy financing, providing innovative products for emerging technologies at competitive rates. The agency is dedicated to supporting the deployment of energy storage technologies across India.

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