IREDA to Establish Innovative Subsidiaries for Advancing Renewable Energy in India
Key Ideas
- IREDA, a government-backed institution in India, will launch two subsidiaries to promote renewable energy and green technologies.
- One subsidiary will focus on Green Hydrogen and foreign currency financing for renewable energy equipment.
- The second subsidiary will target the business-to-consumer sector, promoting rooftop solar power and other green technologies.
- IREDA's initiatives aim to enhance sustainability, drive the adoption of renewable energy solutions, and lead India's efforts in sustainability.
The Indian Renewable Energy Development Agency Limited (IREDA) is gearing up to establish two innovative subsidiaries with a focus on advancing renewable energy and sustainability in India. One of the subsidiaries will specifically concentrate on promoting Green Hydrogen and the manufacturing of renewable energy equipment through foreign currency financing. The other subsidiary will cater to the business-to-consumer (B2C) sector, encouraging the adoption of rooftop solar power generation, electric vehicles, energy storage, and various other green technologies. Pradip Kumar Das, the Chairman and Managing Director of IREDA, emphasized that these initiatives will be crucial in augmenting sustainability in India and accelerating the transition towards affordable renewable energy solutions. IREDA, renowned for its leadership in promoting renewable energy and energy efficiency, is at the forefront of India's sustainability endeavors. The institution is also acknowledged as the country’s first operational greenfield smart city and international financial services center.