Speaking at the panel on “Green and Clean: Balancing Ecology & Economy,” CMD, IREDA emphasized that, from India’s perspective of RE development, decarbonisation and the energy transition, responsibility cannot rest only with leaders of the country or corporate leadership. Leaders at every level- States, districts, panchayats, villages, and even within families must collectively shoulder the responsibility of achieving net zero. He stressed that this can be realised only through a holistic approach that enables a robust ecosystem supporting both renewable-energy development and ecological balance.

He highlighted that IREDA, India’s largest pure-play green lender, has sanctioned over ₹2.7 lakh crore and disbursed more than ₹1.7 lakh crore nationwide, supported by robust governance, digital paperless processes, and industry- leading asset-quality. This performance, he noted, continues to attract substantial interest from global and domestic climate-finance investors.

Emphasising the growing importance of circular-economy practices, carbon markets, biodiversity offsets, and climate finance, Shri Das said these tools are now essential for achieving sustainable and inclusive economic growth. Odisha, a major steel and aluminium producer, is well positioned to adopt circular manufacturing, including metals recycling and green hydrogen integration, enabling the production of premium green steel for export and boosting state GDP.

He also highlighted the potential of a Green Hydrogen Highway across Odisha, supported by more than 7 MTPA of announced green ammonia capacity and several industrial clusters. Co-locating hydrogen production with steel, aluminium, cement, and chemical units, he said, could unlock significant industrial efficiency and competitiveness.

On carbon markets, he noted that Odisha’s extensive forests and India’s largest mangrove ecosystem provide unique opportunities for climate-finance mobilisation through advanced Monitoring, Reporting and Verification (MRV) and digital carbon registries.

Reaffirming IREDA’s commitment, Shri Das said the agency has already disbursed over ₹2,400 crore in Odisha, with a loan book of about ₹1,800 crore across Hydro, Solar, Ethanol, and Manufacturing. He added that IREDA stands ready to finance shared hydrogen infrastructure, plug-and-play RE parks, distributed solar, and foreign-currency loans through its GIFT City subsidiary.

“Circularity, climate finance, and nature-positive development must move together, IREDA stands ready to partner with Odisha to deliver sustainable, community-centred growth for the future,” he said.

The event was graced by the Hon’ble Deputy Chief Minister of Odisha, Shri Kanak Vardhan Singh Deo, and Shri Vishal Kumar Dev, Principal Secretary (Energy), Government of Odisha, along with senior officials from various states, developers, academia, researchers, and other dignitaries.

Along with Shri Das, the panel discussion featured Ms. Lena Backer, Former Enforcement Director, Government of Sweden and Chairperson for Life, The Royal Foundation for Peace Global Fund; Prof. Madhavi Srinivasan, Executive Director, Energy Research Institute, Nanyang Technological University, Singapore; and moderated by Dr. Dhruba Purkayastha, Advisor (Climate and Energy), Observer Research Foundation.

Organised by the Government of Odisha in association with the Tony Blair Institute for Global Change and IIT Kanpur, the summit was held from 5–7 December.

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In his address, Shri Das urged business partners to maintain asset quality, stressing that qualitative governance remains central to IREDA’s long-term vision. Welcoming the reduction of GST rates on renewable energy components from 12% to 5% by the GST Council, he said the rationalization will lower project costs and make clean electricity more affordable for households, farmers, industries and developers.

Shri Das further highlighted organizational strengthening measures, informing that nearly 80 domain experts and professionals have been appointed to enhance leadership capacity and operational efficiency. He added that IREDA has also set up specialized divisions such as the Entity Appraisal Division, Stressed Assets Management, and Monitoring Division to further strengthen governance and operational efficiency.

The Stakeholders’ Meet also featured a presentation on IREDA’s financial performance, recent fundraising activities and an Action Taken Report from the previous interaction meet. It was shared that several modifications in financing norms have already been implemented based on borrower feedback.

Borrowers appreciated IREDA’s proactive approach and offered fresh suggestions to shape future initiatives, reaffirming the company’s role as a catalyst in achieving India’s renewable energy targets.

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Shri Das highlighted India’s remarkable progress in renewable energy, noting that the country’s installed renewable capacity had reached 237 GW by July 2025, with 50% of its installed power capacity coming from non-fossil fuel sources—achieved five years ahead of schedule. To meet the 2030 target of 500 GW, he emphasized the need for annual additions of approximately 50 GW of renewable energy.

On manufacturing, Shri Das underscored the leap from 38 GW of solar module capacity in FY24 to 100 GW in 2025, marking a shift from near-total import dependence to a pathway of self-sufficiency across the value chain. While challenges remain in upstream components like polysilicon and wafers, India is poised to meet domestic demand and support other developing nations.

He stressed the importance of Green Energy Corridors and faster land conversion, citing Karnataka’s streamlined approval process as an example. Addressing systemic gaps, he called for reforms in DISCOMs, smart metering, payment security, and enforcement of Renewable Purchase Obligations (RPOs).

On financing, Shri Das emphasized the need to mobilize ₹30 lakh crore by 2030 through deepening bond markets and strengthening NBFCs. He reaffirmed IREDA’s leadership, having financed over 30 GW, and its mission to catalyze clean energy financing nationwide.

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Moderating the session, Shri Das was joined by eminent panelists—Shri Sarit Maheshwari, CEO of NTPC Renewable Energy Ltd, Shri Vivek Srivastava, CEO of WTG Division, Suzlon Energy and Shri Ashish Khanna, CEO of Adani Green Energy Ltd.

In his opening remarks, Shri Das highlighted India’s commendable progress in renewable energy, noting the country’s installed renewable capacity had reached an impressive 234 GW as of June 2025, positioning India as the world’s 4th-largest renewable energy market. He emphasized the importance of scaling renewable capacity to 485 GW by 2030, stressing the necessity to nearly triple current annual capacity additions—from approximately 20–30 GW to about 50–60 GW—to achieve these ambitious targets.

The panel addressed four key challenges to RE deployment: boosting domestic manufacturing through PLI and ALMM, streamlining land acquisition via single-window clearances, accelerating grid expansion with proactive planning and mobilizing ₹30–32 lakh crore investments through innovative financing to meet India’s 2030 renewable energy targets.

Shri Das underscored IREDA’s commitment to facilitating this transformation through innovative financing solutions and sector-specific strategies, reinforcing its role as India’s leading renewable energy financier.

The discussion concluded with a collective call for unified action and strategic collaboration among industry stakeholders, policymakers, and investors to sustain India’s momentum in renewable energy and lead the global energy transition.

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Shri Das, who has been leading IREDA since May 2020, is a Commerce graduate from the University of Calcutta and a management postgraduate from Xavier Institute of Management, Bhubaneswar. He is a Fellow of The Institute of Cost Accountants of India and an Associate Member of The Institute of Company Secretaries of India. With over 38 years of rich experience in finance, banking, corporate governance, audit, resource mobilisation, and disinvestment, he has served in leadership roles across several reputed organisations.

On the occasion, Shri Das delivered an inspiring address to the new CMAs, motivating them to adopt the ‘DAS’ Principle — Discipline, Attitude and Simplicity — as a mantra for professional and personal success. He also awarded medals to the CMA rank-holders, congratulating them for their achievements.

In addition, Dr. Bijay Kumar Mohanty, Director (Finance), IREDA, was felicitated with a Certificate of Appreciation by The Institute of Cost Accountants of India for his valuable contribution to the profession.

Expressing his gratitude, Shri Das said, “I am honoured to receive this recognition from my professional institute. I sincerely thank The Institute of Cost Accountants of India for this honour and dedicate this award to Team IREDA and the renewable energy fraternity, who are tirelessly working towards building a greener, sustainable India.”

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Shri Das highlighted that India’s renewable energy expansion requires interventions across generation, manufacturing, financing, and workforce skilling to achieve its 500 GW target by 2030. With an estimated ₹30-32 lakh crore investment needed, policies to attract global funds, expand green bonds, and empower NBFCs like IREDA are essential.

He emphasized that stated that with the right mix of infrastructure, investment, and policy support, Odisha can establish itself as a leader in India’s renewable energy landscape. Odisha currently has an installed RE capacity of 2.94 GW, with a target of 10 GW by 2030. He highlighted the state’s geographical advantage, strong industrial base, and policy support as key drivers for attracting large-scale investments in solar, wind, hydro, and green hydrogen initiatives.

IREDA’s financial interventions in Odisha have been significant, with a loan book exceeding ₹1,540 crore for Odisha-based projects as of Q3 FY25. With cumulative loan sanction of ₹4,315 crore for renewable projects, with 77% of these sanctions issued since FY20 and cumulative disbursements exceeding ₹2,146 crore, IREDA is committed to financing Odisha’s renewable energy transition by bridging financing gaps, promoting green investments, and ensuring the rapid deployment of clean energy projects.

Shri Kanak Vardhan Singh Deo, Hon’ble Deputy Chief Minister of Odisha in his address assured policy reforms and necessary support to position Odisha as a leader in the green energy transition. Shri Vishal Kumar Dev, Principal Secretary (Energy), Odisha also graced the session.

The session concluded with key takeaways, including an expected ₹3.3 lakh crore investment by RE developers in Odisha’s renewable energy sector and major announcements on manufacturing projects and green ammonia production facilities with a capacity of approximately 7 MMTPA.

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The MIS Portal aims to consolidate environmental data from SAIL’s plants, units, and mines, facilitating analysis, reporting, and decision-making. This digital platform will enhance the accuracy and timeliness of reporting, ensuring compliance with statutory requirements and identifying areas for improvement in sustainability practices.

Kudos to Shri M. R. Gupta, Executive Director I/c (Operations), and the entire SAIL team for this transformative initiative!

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Bengaluru, 23 December 2024: Shri Pradip Kumar Das, Chairman and Managing Director (CMD) of Indian Renewable Energy Development Agency Ltd. (IREDA), addressed the Visionary Talk hosted by the 39th Indian Engineering Congress at Kolkata on 20^th December 2024. In his address, CMD, IREDA spoke about the critical need for talent to drive the Renewable Energy sector both in India and Globally.

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