IREDA has allocated Rs 3,000 crore to support green energy initiatives in Odisha.

Bhubaneshwar, the capital of Odisha, witnessed a major development in renewable energy as the Indian Renewable Energy Development Agency Limited announced a funding of over Rs 3,000 crore for various green energy projects in the state. These projects will include solar, hydro, ethanol, and renewable energy manufacturing sectors, as stated by IREDA chairman and managing director Pradip Kumar Das on Monday.

Speaking at the Odisha Solar Investor Conclave, Das reaffirmed IREDA's commitment to the state's ambitious goal of achieving 10 GW capacity by 2030. He also highlighted the potential of Odisha to become a leading producer of solar power and a hub for solar equipment manufacturing. He shared IREDA's national contributions, mentioning that the company has already sanctioned over 2.08 lakh crore and disbursed 1.36 lakh crore towards renewable energy projects. IREDA has positioned itself as a catalyst for market formation in emerging renewable energy technologies such as ethanol, electric vehicle fleet financing, pumped storage hydropower, and green ammonia.

Das emphasized the crucial role of accessible financing in accelerating renewable energy projects and stated that IREDA is uniquely positioned as a competitive financier with fully paperless, digitized, and borrower-friendly operations. This allows for seamless support for green energy projects.

IREDA's commitment to driving India's green energy goals was reiterated by Das, with an envisioned 10-15% contribution to the renewable energy debt financing space. Meanwhile, Union Minister Pralhad Joshi announced last week that India has added nearly 15 GW of renewable energy capacity during April-November in the current financial year. This is almost double the amount added during the same period last year. Joshi also stated that India's total installed capacity in the non-fossil fuel energy sector has reached 214 GW, showing an increase of over 14% from last year.

Highlighting the rapid progress, Joshi mentioned that 2.3 GW of new capacity was added in November 2024 alone, a four-fold increase from the 566 MW added in November 2023. He reiterated the government's commitment to achieving 500 GW of non-fossil fuel-based capacity by 2030. The future certainly looks bright for renewable energy in India.

[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]