Indian Renewable Energy Development Agency (IREDA) has opened an office in GIFT City, Gandhinagar, which will specialise in providing debt options denominated in foreign currencies. This will aid the objective of reducing the financing costs for green hydrogen and renewable energy manufacturing projects.

The strategic initiative which would contribute to the country's journey towards a greener future. energy storage will play in achieving the National Green Hydrogen Mission’s target of over five MTPA hydrogen production by 2030. Moreover, tailored financial solutions will encourage investment in energy storage projects.

The government has taken steps such as formulation of a storage requirement roadmap up to 2047, technology-agnostic storage tenders, and interventions for battery manufacturing and pumped storage hydropower projects. The Central Electricity Authority of India projects a storage requirement of nearly 400 GWh by 2030-32, with an estimated investment exceeding Rs 3.5 lakh crore.

IREDA has been at the forefront of renewable energy financing with innovative products for emerging technologies at competitive rates and is committed to support the deployment of energy storage technologies in India.