The Indian Renewable Energy Development Agency Ltd. (IREDA) has established an office in GIFT City, Gandhinagar, with a view to offering debt assistance in foreign currencies to facilitate natural hedging and thereby reduce financing costs for renewable energy and green hydrogen projects, a PIB press release stated.

This new initiative by IREDA is expected to play a key role in the implementation of the National Green Hydrogen Mission of India, which has set a target of producing more than 5 million metric tons of hydrogen per annum (MTPA) by 2030.

The country’s energy storage capacity is estimated to be around 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment of Rs. 3.5 lakh crore.

The IREDA CMD has stressed the necessity of enhancing research and development efforts in order to enhance the cost-effectiveness and improve the performance of energy storage solutions.