IREDA’s inauguration of an office in GIFT City, Gandhinagar, specializing in offering Foreign Currency-denominated debt options, represents a significant move toward reducing financing costs for Green Hydrogen and Renewable Energy Manufacturing projects in India. This step aims to promote natural hedging and expedite the nation’s shift towards sustainability.

During the panel discussion at the World Future Energy Summit 2024 in Abu Dhabi, Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, emphasized the pivotal role of energy storage in achieving the ambitious targets of the National Green Hydrogen Mission. With a goal of over 5 million metric tons per annum (MTPA) of Hydrogen production by 2030, efficient energy storage solutions are paramount.

Shri Das outlined key priorities essential for advancing storage technologies, stressing the need for intensified research and development efforts to enhance cost-effectiveness and performance. Strengthening the supply chain network through policy interventions is crucial for successful deployment, alongside providing competitive and customized financial solutions to incentivize investment in energy storage projects.

India has taken proactive measures in this direction, including formulating a storage requirement roadmap up to 2047, technology-neutral storage tenders, and supportive government policies for battery manufacturing and pumped storage hydropower. The Central Electricity Authority of India projects a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment exceeding Rs. 3.5 lakh crore.

IREDA has consistently been a leader in renewable energy financing by offering innovative products for emerging technologies at competitive rates and is fully prepared to support the deployment of energy storage technologies in India.

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