The International Financial Services Centre Authority (IFSCA) has provisionally registered IREDA Global Green Energy Finance IFSC Limited, a subsidiary of the Indian Renewable Energy Development Agency (IREDA), as a finance company at GIFT City.

What Happened: The announcement was made on Tuesday evening, in the presence of Union Minister for New and Renewable Energy, Pralhad Joshi, and Gujarat’s Finance Minister, Kanubhai Desai. The registration is seen as a significant milestone in IREDA’s commitment to advancing green financing solutions globally.

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The establishment of IREDA Global Green Energy Finance IFSC Limited is part of IREDA’s strategic initiative to expand its international footprint and unlock new business opportunities. Recently, S&P Global Ratings assigned IREDA a ‘BBB -‘ long-term and ‘A- 3’ short-term issuer credit rating, with a ‘Stable’ outlook. The agency's report noted, “IREDA is rated one notch above the starting point for rating financial companies (fincos) in India, reflecting continued government support.”

Pradip Kumar Das, chairman and managing director, IREDA, said, “IREDA's presence in GIFT City reflects our commitment to advancing green financing solutions on a global scale. This new subsidiary will help us secure competitive funding and foster collaborations with international investors, boosting the renewable energy sector forward.”

Earlier today, IREDA shares surged by 3% following its collaboration with SJVN and GMR Energy to develop a 900-megawatt Upper Karnali hydroelectric project in Nepal. This venture is aimed at enhancing regional energy security by developing a renewable energy structure, thereby leveraging Nepal’s vast hydropower potential.

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