IREDA commits to supporting to Bhutan’s RE projects
Thimphu: India’s IREDA- Indian Renewable Energy Development Agency Limited, reaffirmed its readiness to support Bhutan’s renewable energy initiatives within the regulatory framework established by the Reserve Bank of India (RBI) and the Ministry of New and Renewable Energy (MNRE).
Pradip Kumar Das, Chairman and Managing Director of the Indian Renewable Energy Development Agency Limited (IREDA), participated in a pivotal discussion on “Access to Financing for Renewable Energy Projects” at the Bhutan-India Renewable Energy Roundtable.
At the event recently, he emphasized IREDA’s dedication to a thorough 360-degree evaluation process for project funding, ensuring that financing options are both robust and sustainable. Highlighting IREDA’s competitive interest rates and long-term loan tenures, he noted that the agency’s extensive experience in the sector could significantly boost Bhutan’s renewable energy growth.
He emphasized that renewable energy projects today require competitive debt financing rather than grants, and recommended rooftop solar as a potential area for development, alongside Bhutan’s well-established hydroelectric capabilities.
Das also highlighted that with large hydropower now classified as renewable energy, IREDA is well-positioned to finance large hydro projects, thereby supporting Bhutan’s clean energy goals.
The event, jointly organized by the Governments of India and Bhutan, served as a platform for enhancing cooperation in the renewable energy sector between the two nations.
In a related session titled “Role of Solar Energy in Energy Mix,” S.K. Dey, General Manager (Projects) at IREDA, stressed the importance of blended financing for the development of solar projects in Bhutan. He discussed how blended financing can play a crucial role in making solar energy projects more accessible and viable for Bhutan’s energy mix.
The Bhutan-India Renewable Energy Roundtable underscored the commitment of both nations to collaborate on renewable energy initiatives, with IREDA playing a key role in providing sustainable financing solutions. This partnership is expected to accelerate the growth of renewable energy in Bhutan, contributing to the country’s energy security and environmental sustainability goals.
