3 Mar 2023
The Indian Renewable Energy Development Agency (IREDA) is exploring a potential partnership with the European Investment Bank (EIB) on financing renewable energy and green hydrogen projects in India. This collaboration could help India achieve its goal of having 50% of its installed energy capacity come from non-fossil fuels by 2030. IREDA’s Chairman & Managing Director, Pradip Kumar Das, expressed his commitment to supporting the growth of renewable energy in India through financing and his willingness to partner with the EIB to achieve climate goals.
The partnership between the two institutions could help create new opportunities in the emerging segments of renewable energy, green hydrogen, green ammonia, e-mobility, battery storage, and other green technologies. The collaboration would enable project developers, investors, and other stakeholders to leverage the expertise and resources of both institutions. This would enable them to quickly and effectively finance renewable energy projects and help create a faster sustainable future for all.
Maria Shaw-Barragan, Global Director of the EIB, commended IREDA for its impressive growth over the past three years and praised Team IREDA for their efficient and qualitative financing of renewable energy projects. This meeting follows the EIB’s announcement of its intention to increase its support for renewable energy investment in India.
IREDA is committed to supporting the growth of renewable energy in India through financing, and this partnership with the EIB could help open up new opportunities for the country’s citizens. The collaboration between IREDA and EIB will provide much-needed support for the development of renewable energy and green hydrogen projects in India.
India is one of the fastest-growing energy markets in the world and has set ambitious targets for the development of renewable energy. The country aims to install 175 GW of renewable energy capacity by 2022 and 450 GW by 2030. The government has been promoting renewable energy through various policies and initiatives, including the launch of the International Solar Alliance and the Green Energy Corridor project.
The collaboration between IREDA and EIB could play a crucial role in accelerating the growth of renewable energy in India, enabling the country to achieve its energy targets and support a sustainable future. Future fuel and green energy are critical to India’s growth and development, and this partnership could help the country unlock its potential in these areas.