IREDA Establishes Subsidiary in GIFT City, Gujarat

The Indian Renewable Energy Development Agency Ltd (IREDA) has established a wholly-owned subsidiary, "IREDA Global Green Energy Finance IFSC Limited," in the International Financial Services Centre (IFSC) at GIFT City, Gujarat. The subsidiary was officially incorporated on May 7, following the receipt of a No Objection letter from the Reserve Bank of India on February 8, according to an official statement released Thursday.
Pradip Kumar Das, Chairman and Managing Director of IREDA, noted that the move represents a significant milestone in the agency's mission to promote innovative green financing. He highlighted that the new subsidiary not only provides IREDA with an offshore platform to secure competitive funding for the renewable energy sector, but also aligns with the Government of India's 'Panchamrit' targets for sustainable energy.
"IREDA's presence in GIFT City is expected to open new business opportunities and expand our global footprint in the renewable energy sector," said Das. "This strategic step is in line with our commitment to promoting sustainable development through renewable energy investments, both within India and internationally. We look forward to exploring innovative financing options and fostering collaborations with international investors to drive the growth of renewable energy projects."
By establishing a subsidiary in the IFSC, IREDA aims to gain greater access to international markets and attract competitive funding to accelerate the growth of renewable energy projects. The move is expected to bolster IREDA's role in supporting the expansion of renewable energy in India and beyond, contributing to the broader goal of reducing carbon emissions and promoting a sustainable future.
HBL