IREDA is planning to establish an office in Gujarat's GIFT City to finance Renewable Energy projects in foreign currency. The office at GIFT City, Gandhinagar, will be classified as an overseas office, allowing the IREDA to avoid foreign exchange hedging
Economy Business
Shri Pradip Kumar Das, Chairman & Managing Director Indian Renewable Energy Development Agency informed this while he was speaking in a panel discussion on "Scaling up Clean Energy Investment in Emerging Economies" under the aegis of G20 events at the Ministry of New and Renewable Energy. He stressed the significance of the Green Taxonomy to raise the approximately Rs. 25 lakh crores fund for green energy projects by 2030. He urged that Insurance and Superannuation funds can be mandated to invest 2% of their assets under management in Green Bonds to finance green energy projects. As a result of IREDA's proactive approach of proper review and monitoring, the company has been able to lower its Net NPAs from 7.18% to 2.03% during the past three years.
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