The Indian Renewable Energy Development Agency Ltd (IREDA) has incorporated a wholly owned subsidiary in the International Financial Services Centre (IFSC) located in GIFT City, Gujarat for green financing.
In a statement, the Ministry of New and Renewable Energy said the subsidiary has been named as “IREDA Global Green Energy Finance IFSC Limited”.
The ministry said the subsidiary was officially incorporated on May 7, and on February 8, the Reserve Bank of India (RBI) gave its No Objection letter to set up the finance company in IFSC GIFT City.
Commenting on the development, Chairperson & Managing Director (CMD) of IREDA Pradip Kumar Das, said that IREDA’s presence in GIFT City signifies a momentous step in its mission to pioneer innovative approaches to green financing.
“This subsidiary not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector’s growth, aligning with the Government of India’s ambitious ‘Panchamrit’ targets,” he said.
The CMD added that IREDA’s entry into the IFSC is anticipated to unlock fresh business prospects and establish its global footprint in the renewable energy sector.
“This strategic step is in line with IREDA’s vision of facilitating sustainable development through renewable energy investments, both domestically and internationally. With IREDA’s presence in the IFSC, we anticipate greater access to innovative financing alternatives and enhanced collaboration with international investors, encouraging the advancement of renewable energy projects in the country and abroad,” he mentioned.
For Q4FY24, IREDA reported a net profit of Rs 337.38 crore, up 33.03% on a year-on-year basis. It reported a bottomline of Rs 253.62 crore in the same quarter a year ago.