Indian Renewable Energy Development Agency (IREDA) has incorporated a wholly-owned subsidiary in the International Financial Services Centre (IFSC) located in GIFT City, Gujarat. Named 'IREDA Global Green Energy Finance IFSC', the subsidiary was officially incorporated on 07 May, 2024. Earlier, on 08 February, 2024, the Reserve Bank of India gave its no objection letter to set up the finance company in IFSC GIFT City.

IREDA's presence in GIFT City is a step in its mission to pioneer innovative approaches to green financing. This subsidiary not only positions IREDA to extend its global reach, but also acts as an offshore platform for securing competitive funding, aligning with the ‘Panchamrit’ targets of Government of India (GoI).

IREDA's entry into the IFSC is anticipated to unlock fresh business prospects and establish its global footprint in the renewable energy (RE) sector. This strategic step is in line with IREDA’s vision of facilitating sustainable development through RE investments, both domestically and internationally.

Further, it will provide greater access to innovative financing alternatives and enhanced collaboration with international investors, to advance renewable energy projects in the country and abroad.