The International Financial Services Centre Authority (IFSCA) has granted provisional registration to Ireda Global Green Energy Finance IFSC Limited as a finance company at GIFT City in Gandhinagar. This announcement was made on Tuesday in the presence of Union minister of new and renewable energy, Prahlad Joshi, and Kanubhai Desai, cabinet minister of finance, energy and petrochemicals in the state govt.
“GIFT City is a hub for international financial and investment activities, playing a pivotal role in India’s vision of ‘Viksit Bharat’ by 2047,” Joshi said.
Ireda’s GIFT City office will specialise in providing debt options denominated in foreign currencies.
This will facilitate natural hedging and significantly reduce the financing costs for green hydrogen and renewable energy manufacturing projects.
India has taken active steps in this direction, which include the formulation of a storage requirement roadmap up to 2047, technology-agnostic storage tenders, and supportive govt interventions for battery manufacturing and pumped storage hydropower projects.
Pradip Kumar Das, CMD, Ireda, said, “Ireda’s presence in GIFT City will help us secure competitive funding and foster collaborations with international investors, boosting the renewable energy sector forward.”
