IREDA’s subsidiary IGGEFIL sanctions first international green energy loan

New Delhi: IREDA Global Green Energy Finance IFSC Ltd. (IGGEFIL), a wholly owned subsidiary of the Indian Renewable Energy Development Agency Ltd. (IREDA), has sanctioned its first international green energy loan, marking a significant milestone in its global operations.

PSU Watch is now on Whatsapp Channels. Click here to join

The IGGEFIL Board, at its meeting held in New Delhi, approved a loan of $22.5 million to Swarna Solar Limited (SSL) for the development of a 100 MW photovoltaic solar power plant in the Serenje District of Zambia’s Central Province. This marks IGGEFIL’s maiden loan sanction since its incorporation at GIFT City, Gujarat.

The sanction represents an important step in IREDA’s strategy to expand India’s green financing footprint beyond domestic markets and support renewable energy projects globally. Through IGGEFIL, IREDA aims to leverage international financial ecosystems to promote sustainable energy development across geographies.

Commenting on the development, IREDA Chairman and Managing Director (CMD) Pradip Kumar Das and Chairman of IGGEFIL, said the first loan sanction is a landmark achievement for the organisation. He noted that IGGEFIL’s operations from GIFT City enable access to competitive international capital, facilitating renewable energy development not only in India but also worldwide. Supporting the solar project in Zambia, he added, reflects IREDA’s commitment to sustainable growth beyond national boundaries, in line with the Government of India’s vision of global leadership in renewable energy.

The Zambia solar project is expected to contribute to clean power generation in the region while reinforcing IGGEFIL’s role as an emerging international green finance institution.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)