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Indian Renewable Energy Development Agency Ltd. (IREDA) has incorporated a wholly owned subsidiary in the International Financial Services Centre (IFSC) located in Gujarat's GIFT City to extend its global reach for securing funds at competitive rates to boost green projects in the country, the Ministry of Renewable Energy said on Thursday.

The subsidiary, IREDA Global Green Energy Finance IFSC Limited, "not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector's growth, aligning with the Central government's ambitious 'Panchamrit' targets", the Ministry said.

The subsidiary was officially incorporated on May 7 after the approval of the RBI which came through in February this year.

Commenting on the development, Chairperson & Managing Director of IREDA, Pradip Kumar Das, said that IREDA's presence in GIFT City signifies a momentous step in its mission to pioneer innovative approaches to green financing.

"With IREDA's presence in the IFSC, we anticipate greater access to innovative financing alternatives and enhanced collaboration with international investors, encouraging the advancement of renewable energy projects in the country and abroad," he added.