In a move for India’s renewable energy sector, IREDA Global Green Energy Finance IFSC Limited (IGGEFIL), a wholly-owned subsidiary of the Indian Renewable Energy Development Agency (IREDA), has approved its first international green energy loan.
The sanction, worth $22.5 million (approximately ₹187 crore), is earmarked for a solar initiative in Zambia.
Powering Zambia:
The loan has been extended to Swarna Solar Limited (SSL) to facilitate the development of a 100 MW photovoltaic (PV) solar power plant. The project is situated in the Serenje District of Zambia’s Central Province. This development is expected to bolster the clean energy capacity of the African nation, aiding its transition toward sustainable power generation.
Leveraging GIFT City’s global reach:
By operating through its base in Gujarat International Finance Tec-City (GIFT City), IGGEFIL is strategically positioned to access and leverage competitive international capital. This allows the state-owned firm to fund renewable energy projects not only within India but across the globe, signaling India’s intent to become a premier international green financier.
Global expansion:
The move marks IGGEFIL’s official entry into the international lending market since its recent incorporation. It underscores the Indian government’s vision of positioning the nation as a global leader in climate action and renewable energy infrastructure.
IREDA, operating under the Ministry of New and Renewable Energy (MNRE), continues to broaden its footprint, evolving from a domestic non-banking financial institution into a global catalyst for sustainable development.
“This first loan sanction by IGGEFIL is a landmark for IREDA to emerge as a global catalyst for clean energy financing. Through our presence at GIFT City, we are leveraging competitive international capital to enable renewable energy development not only in India but also across the world,” said Pradip Kumar Das, Chairman and Managing Director, IREDA.
