IREDA Pledges Financial Support for Green Hydrogen and Green Ammonia Projects at Green Hydrogen Convention 2023

The Indian Renewable Energy Development Agency (IREDA) is committed to bolstering the financial viability of Green Hydrogen and Green Ammonia projects, announced Chairman and Managing Director (CMD) Pradip Kumar Das. Addressing the inaugural session of the “Green Hydrogen Convention 2023” organized by the Government of Odisha and CII Eastern Region, the CMD highlighted IREDA’s determination to play a crucial role in meeting the substantial financial requirements of the burgeoning Green Hydrogen sector.

With a reputation for pioneering the bankability of new and emerging renewable energy technologies, IREDA is now well-prepared to attract potential investors to Green Hydrogen and Green Ammonia projects. The CMD’s statement aligns with the vision of the National Green Hydrogen Mission laid out by the Government of India.

Speaking on the occasion, Hemant Sharma, Principal Secretary of the Industries Department, Govt. of Odisha, and Shri Manoj Kumar Upadhyay, Deputy Advisor – Energy, NITI Aayog, shared valuable insights. The convention saw the participation of industry leaders, policymakers, and energy sector experts.

In line with India’s ambitious goals of achieving 500 GW of power from Non-Fossil sources by 2030, becoming a USD 5 trillion economy by 2027, a Developed Economy by 2047, and achieving Net Zero emissions by 2070, the CMD emphasized the need for effective collaboration among policy makers, regulators, bankers, and developers.

The CMD also emphasized the importance of transitioning from Grey Ammonia to Green Ammonia in Odisha. Given the state’s substantial capacity for producing Steel, Aluminum, Cement, and Fertilizers, he stressed that Odisha already possesses the necessary Hydrogen infrastructure in these sectors. The transition to Green Ammonia will unlock new opportunities for manufacturing sectors like electrolysers. With its strategic location boasting three Special Economic Zones (SEZs) and three major ports, Odisha is poised to establish a robust manufacturing base for Green Hydrogen and tap into significant export prospects.

The “Green Hydrogen Convention 2023” serves as a platform for fostering discussions and collaborations that will accelerate the growth of the Green Hydrogen sector and drive India’s transition towards sustainable and green energy sources.