NEW DELHI: The Indian Renewable Energy Development Agency Limited (IREDA), a government-backed non-banking financial institution, has announced plans to establish two groundbreaking subsidiaries to accelerate India’s green energy transition.

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One subsidiary will focus on promoting Green Hydrogen and the manufacturing of renewable energy equipment, supported by foreign currency financing. This initiative aims to strengthen India’s position in the global green energy market by fostering innovation and reducing dependency on imported technology.

The second subsidiary will target retail consumers, aiming to popularise rooftop solar power generation and other renewable energy solutions in the business-to-consumer (B2C) segment. This includes promoting electric vehicles (EVs), energy storage systems, and green technologies, making renewable energy more accessible and affordable to the public.

Pradip Kumar Das, IREDA’s Chairman and Managing Director, emphasised that these initiatives align with India’s broader sustainability goals. He stated, “Both subsidiaries will drive sustainability and make renewable energy more affordable for businesses and individuals, contributing to India’s clean energy targets.”

IREDA plays a pivotal role in financing and promoting renewable energy projects across the country. By setting up these subsidiaries, the agency aims to enhance energy efficiency, support innovation, and encourage the adoption of green technologies.

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The announcement also underscores India’s commitment to achieving its renewable energy goals, including reducing carbon emissions and transitioning to a greener economy. With a focus on affordability and accessibility, these subsidiaries are expected to significantly impact the renewable energy landscape in India.