April 3, 2023
India’s state-owned Indian Renewable Energy Development Agency (Ireda) is set to open an office in Gujarat’s GIFT City to finance renewable energy projects in foreign currency. By opening the office in Gandhinagar’s GIFT City, Ireda can avoid paying for foreign exchange hedging since it will be considered an overseas office. The announcement was made by the chairman and managing director of Ireda.
He suggested that superannuation and insurance funds should be required to invest 2% of the assets they oversee in green bonds to finance renewable energy projects.
Das also mentioned Ireda’s growth over the past three years and its proactive strategy of proper evaluation and monitoring, resulting in a reduction of the business’s net NPAs from 7.18% to 2.03%. He emphasized Ireda’s commitment to maintaining the best corporate governance practices, which has made it a preferred choice for significant bilateral and multilateral organizations like the World Bank, KfW, JICA, and ADB to channel their funding for renewable energy projects through Ireda.
