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IREDA accelerates Odisha’s renewable energy drive

BHUBANESWAR, JULY 13, 2024 (TBB BUREAU): In a significant stride towards sustainable development, the Indian Renewable Energy Development Agency (IREDA) has ramped up efforts to harness Odisha’s burgeoning renewable energy potential. With the state’s current installed renewable energy capacity touching approximately 2.8 GW as of June 2024, including substantial contributions from large hydro, solar, and wind sources, Odisha stands poised for robust growth in the renewable energy sector.

Ranked among the top 10 states in solar, wind, and hydro potential, and 14th in biomass potential, Odisha showcases contracted capacities of 3.8 GW in renewables and 4.2 GW in thermal power. Green energy already constitutes 29% of its overall generation mix, highlighting its commitment to sustainable energy practices.

IREDA has emerged as a pivotal catalyst in this transformative journey, having sanctioned loans amounting to Rs 3,060 crore and disbursed Rs 1,934 crore by June 2024. A significant portion of IREDA’s current loan book of Rs 1,456 crore is dedicated to advancing renewable energy projects in Odisha.

Pradip Kumar Das, Chairman & Managing Director of IREDA, reaffirmed the agency’s dedication to accelerating Odisha’s renewable energy development. “We are committed to realizing Odisha’s full renewable energy potential,” emphasized Das, highlighting IREDA’s pivotal role in fostering sustainable growth and energy transition in the state.

Das also underscored Odisha’s pivotal role in the emerging green hydrogen revolution, poised to revolutionize industries such as steel and aluminium. With an estimated investment of Rs 3 lakh crore in green projects, Odisha aims to capitalize on green hydrogen production, leveraging its abundant renewable energy resources.

Recent discussions between IREDA’s leadership and Odisha Chief Minister Mohan Charan Majhi and Deputy Chief Minister Kanak Vardhan Singh Deo have centered on further enhancing renewable energy financing and catalyzing sustainable development initiatives. Emphasizing opportunities in hydroelectric power, floating solar, solar component manufacturing, green hydrogen, and green ammonia, the talks underscored IREDA’s instrumental role in shaping Odisha’s sustainable energy future.

IREDA’s steadfast commitment solidifies its pivotal role in propelling Odisha towards a sustainable energy future, bolstering economic growth and environmental stewardship across the region. As Odisha continues its journey towards renewable energy prominence, collaborations with IREDA promise to unlock new avenues for sustainable development and energy innovation.

 

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