IREDA to launch programme for emerging technologies, green mobility and charging infrastructure

The Indian Renewable Development Agency (IREDA), under the Ministry of New and Renewable Energy, has launched a programme to support the manufacturing and deployment of infrastructure for emerging technologies, green mobility, and charging infrastructure. For emerging technologies, IREDA will provide loans worth up to 70 per cent of the cost. Battery energy storage systems and battery manufacturing are among the emerging technologies, as are projects involving the production of green hydrogen, fuel cells, manufacturing and assembly plants for electric vehicles (EV) and associated components, and waste recycling units.

Under the program, IREDA will also provide financial assistance to EV fleet owners and operators, as well as charging infrastructure owners. The agency will issue debt to EV fleet owners and charging infrastructure owners worth up to 80 per cent of the project cost. To meet the demand for sustainable mobility alternatives, IREDA is already funding compressed biogas and bioethanol production projects. The new scheme broadens its mandate to include financing the entire value chain of green mobility, as accelerating energy transitions away from carbon-based fuel sources is critical to meeting the nation’s climate mitigation and energy security goals.

In December 2021, Brahmaputra Valley Fertiliser Corporation Limited and IREDA signed an agreement for IREDA to provide its techno-financial expertise in building renewable energy projects and generating funds. The organisations are public sector undertakings under the Ministry of Chemicals and Fertilizers and the Ministry of New and Renewable Energy, respectively.