New Delhi: The Indian Renewable Energy Development Agency (IREDA) has reached a historic turning point in its global expansion strategy. Shri Pradip Kumar Das, CMD of IREDA and Chairman of the newly operational subsidiary, IGGEFIL, expressed profound pride as the organization sanctioned its first international loan. This development is being hailed as a defining achievement for India’s green finance sector, signaling its transition from a domestic powerhouse to a global catalyst for sustainable development.
During a board meeting held in New Delhi, IGGEFIL approved a USD 22.5 million loan for Swarna Solar Limited. This capital is specifically designated for the construction of a 100 MW solar power plant in Zambia’s Serenje District. The project stands as a testament to the subsidiary’s capability to operate from GIFT City, Gujarat, and provide competitive, foreign-currency-based financing to renewable energy projects on a global scale.
Reflecting on the milestone, Shri Pradip Kumar Das CMD IREDA emphasized that this is more than just a financial transaction; it is the realization of a vision to take India’s green leadership to the world. He noted that by leveraging the international financial ecosystem of GIFT City, IREDA is now positioned to facilitate clean energy transitions across different continents. He highlighted that this international foray is perfectly aligned with the broader mission of the Government of India to lead the global fight against climate change through scalable renewable energy solutions.
The project in Zambia is expected to serve as a blueprint for future international collaborations. By providing lower-cost capital and reducing hedging risks through its IFSC-based operations, IGGEFIL is making green energy projects more bankable in emerging markets. This successful debut in the international lending space marks the beginning of a new era where Indian expertise in green financing will support a cleaner and more sustainable future globally.
The move into international lending via GIFT City is seen as a strategic fulfillment of the vision set forth by Prime Minister Shri Narendra Modi to elevate India’s status in the global green power landscape. By facilitating projects like the one in Zambia, IGGEFIL aims to foster sustainable growth and strengthen international partnerships in the fight against climate change.