IANS | 18 Apr, 2024
Indian Renewable Energy Development Agency Ltd (IREDA) has opened an
office in GIFT City at Gandhinagar which will specialise in providing
debt options denominated in foreign currencies to facilitate natural
hedging and significantly reduce the financing costs for green hydrogen
and renewable energy manufacturing projects, the Ministry of New and
Renewable Energy said on Thursday.
The strategic initiative which would contribute to the country's
journey towards a greener future was highlighted by IREDA chairman and
managing director (CMD) Pradip Kumar Das at a panel discussion on
‘Future Growth Opportunities for Long Duration Energy Storage’, held at
the World Future Energy Summit 2024 in Abu Dhabi on Wednesday.
The
IREDA CMD emphasised the critical role that energy storage will play in
achieving the National Green Hydrogen Mission’s ambitious target of
producing over 5 million metric tons of hydrogen per annum by 2030.
The
CMD emphasised the need to enhance research and development efforts to
reduce cost and improve the performance of energy storage solutions. It
was necessary to implement policies that strengthen the supply chain
network, and providing competitive and tailored financial solutions will
encourage investment in energy storage projects, he added.
India
has taken active steps in this direction, which include the formulation
of a storage requirement roadmap up to 2047, technology-agnostic storage
tenders, and supportive government interventions for battery
manufacturing and pumped storage hydropower projects. The Central
Electricity Authority of India projects a storage requirement of nearly
400 gigawatt-hours (GWh) by 2030-32, with an estimated investment
exceeding Rs 3.5 lakh crore.
