IREDA plans to open its Overseas Office in GIFT City

Gandhinagar:  Indian Renewable Energy Development Agency (IREDA), is planning to establish an overseas office in Gujarat International Finance Tec-City (GIFT City) to fund renewable energy projects in foreign currency and avoid foreign exchange hedging costs.

This was announced by IREDA Chairman and Managing Director, Pradip Kumar Das, during a panel discussion on ‘Scaling up Clean Energy Investment in Emerging Economies’ organized under the G20 events at the Ministry of New and Renewable Energy.

Das also suggested mandating insurance and superannuation funds to invest 2 percent of their assets under management in green bonds to finance green energy projects. In his speech, Das highlighted IREDA’s success in lowering its Net NPAs and implementing high standards of corporate governance. He also emphasized that IREDA was a trend-setter for introducing unique financial products and requested multilateral and bilateral agencies to channel their funds through IREDA. The panel discussion had senior officials from ADB, NTPC, SECI, CEEW, MNRE Joint Secretary Dinesh Jagdale, and International Energy Agency (IEA) Chief Energy Economist Tim Gould as participants. DeshGujarat