IREDA Reinforces Commitment to Odisha’s Renewable Energy Growth Potential

Bhubaneswar – The Indian Renewable Energy Development Agency (IREDA) is pleased to announce its strengthened focus on harnessing the renewable energy potential of Odisha, a state poised for significant growth in the renewable energy sector. As of June 2024, Odisha’s installed renewable energy capacity stands at approximately 2.8 GW, including around 2.1 GW of large hydro and 0.7 GW from other renewable sources such as solar, small hydro, and wind (Source: MNRE Data).

Odisha’s renewable energy potential is substantial, with the state ranking among the top 10 in solar, wind, and hydro potential, and 14th in biomass potential. The state has approximately 3.8 GW of renewable energy contracted capacity and 4.2 GW of thermal contracted capacity from plants within and outside Odisha, contributing to a 29% green energy share in its generation mix.

IREDA has been instrumental in supporting Odisha’s renewable energy sector, having sanctioned loans amounting to ₹3,060 crore and disbursed ₹1,934 crore as of 30th June 2024. The current loan book for Odisha stands at ₹1,456 crore.

“We are dedicated to accelerating Odisha’s renewable energy development and realizing its full potential,” said Shri Pradip Kumar Das, Chairman & Managing Director, IREDA. “Our investments and support reflect our commitment to sustainable growth and energy transition in Odisha.”

In a media meet organised today, Mr Das emphasised that Odisha is poised to play a pivotal role in the green hydrogen revolution, which promises to enhance value realization for traditional sectors like steel and aluminum through green power. The production of green hydrogen, which demands over 60% of its production cost from electricity, necessitates substantial green energy input.

The state of Odisha has seen significant announcements and ongoing constructions of green projects, requiring an estimated investment of around Rs 3 lakh crore. These projects will drive the transition towards a more sustainable energy future and bolster Odisha’s economic growth.

Recently, Shri Pradip Kumar Das, Chairman & Managing Director, Indian Renewable Energy Development Agency Ltd. (IREDA) and Dr. Bijay Kumar Mohanty, Director (Finance), IREDA, met with the Hon’ble Chief Minister of Odisha, Shri Mohan Charan Majhi and Hon’ble Deputy Chief Minister, Shri Kanak Vardhan Singh Deo. The meetings focused on IREDA’s pivotal role in renewable energy financing and its commitment to sustainable development.

During the discussion, Shri Das emphasized IREDA’s significant contributions to renewable energy project financing across the country. He further elaborated on the company’s initiatives aimed at promoting clean energy and explained how IREDA can further support Odisha in tapping its renewable energy potential through financing. The state’s green energy goals were a key focus of the conversation, particularly the opportunities in areas such as Hydro, Floating Solar, Solar component manufacturing, Green Hydrogen, and Green Ammonia, etc.