New Delhi: The Indian Renewable Energy Development Agency (IREDA) has incorporated a new company in the International Financial Services Centre (IFSC) in GIFT City, Gujarat. The move is in line with IREDA’s mission to pioneer innovative approaches to green financing and promote sustainable development through renewable energy investments, a PIB press release stated.
The new subsidiary, IREDA Global Green Energy Finance IFSC Limited, was formally incorporated on May 7, 2024, and has received an ‘No Objection Letter’ from the Reserve Bank of India. It is now expected to unlock fresh business prospects for IREDA and establish its global footprint in the renewable energy sector.
The strategic step aligns with IREDA’s vision of being a catalyst for sustainable growth in the renewable energy sector. With an aim to promote sustainable development through renewable energy investments, both domestically and internationally, IREDA expects to have greater access to innovative financing alternatives and enhanced collaboration with international investors. This will encourage the advancement of renewable energy projects in the country and abroad.
The company’s presence in the IFSC is expected to facilitate sustainable development through renewable energy investments, both domestically and internationally.