IREDA, European Investment Bank Explore Partnership To Finance Renewable Energy, Green Hydrogen Projects In India

European Investment Bank (EIB) is in talks with Indian Renewable Energy Development Agency Limited (IREDA) for potential collaboration between the two institutions on renewables and green hydrogen projects financing in India.

This comes after EIB global director Maria Shaw-Barragan on Thursday (2 March) met IREDA CMD Pradip Kumar Das at IREDA’s corporate office.

Commenting on the potential collaboration, Das said, "IREDA is committed to supporting the growth of Renewable Energy in India through financing, and we will be happy to be partnering with the European Investment Bank to achieve our climate goals".

He said that the collaboration will provide much-needed support for the development of renewable energy and green hydrogen projects in India.

Das emphasised that this collaboration would help in opening up new opportunities for the country's citizens and advancing the Government's goal of achieving 50 per cent of its installed energy capacity from non-fossil fuels by the year 2030.

He further that collaboration would help to create new opportunities in the emerging segment of renewable energy, green hydrogen, green ammonia, e-mobility, battery storage, etc., enabling project developers, investors, and other stakeholders to leverage the expertise and resources of two institutions.

Shaw-Barragan commended IREDA for its impressive growth over the past three years, and she praised Team IREDA for quickly, effectively, and qualitatively financing the renewable energy projects.