Indian Renewable Energy Development Agency Limited (IREDA) shares remained under pressure on Monday and ended the session 2.3 percent lower. IREDA stock closed at Rs 201.49 and touched intraday low of Rs 200.51. Overall markets were positive with NSE Nifty gaining 166 points.

IREDA Sanctions Over Rs 3,000 Crore for Renewable Energy Projects in Odisha

The Indian Renewable Energy Development Agency Limited (IREDA) has approved over Rs 3,000 crore in funding for green energy projects across Odisha, targeting sectors such as solar, hydro, ethanol, and renewable energy manufacturing. This funding is aligned with Odisha's ambitious renewable energy goals, which include achieving a 10 GW capacity by 2030. Addressing the Odisha Solar Investor Conclave, IREDA Chairman and Managing Director Pradip Kumar Das highlighted the state’s potential to become a leading solar energy hub and a key player in renewable energy manufacturing. This article explores the initiatives, challenges, and opportunities shaping Odisha’s renewable energy journey.

IREDA’s Strategic Funding Commitment

IREDA has emerged as a key financier for renewable energy projects, with a digitized and borrower-friendly approach to lending.

Funding Allocation: The Rs 3,000 crore sanctioned for Odisha covers solar power plants, hydropower projects, ethanol production, and renewable energy manufacturing facilities.
Technology Innovation: IREDA is promoting market formation in emerging renewable energy technologies, including ethanol, electric vehicle (EV) fleet financing, pumped storage hydropower, and green ammonia.
Track Record: Nationally, IREDA has sanctioned over Rs 2.08 lakh crore and disbursed Rs 1.36 lakh crore for renewable energy projects, solidifying its leadership in clean energy financing.

Odisha’s Renewable Energy Vision

Odisha has set an ambitious target to achieve 10 GW renewable energy capacity by 2030, driven by solar power and innovative technologies.

Current Capacity: The state’s renewable energy capacity stands at 2,938 MW, of which solar accounts for 21% (508 MW ground-mounted, 58 MW rooftop, and 42 MW off-grid).
Top Districts for Solar Potential: Sundargarh (15.23 GW), Angul (14.06 GW), Balangir (11.62 GW), Jharsuguda (11.45 GW), and Dhenkanal (9.70 GW) lead the state’s solar capacity potential.
Transformative Projects: Floating solar installations, rooftop solar systems, and the PM Kusum scheme are expected to contribute significantly to the state’s renewable energy mix.

Odisha’s Favourable Investment Climate

The state government has created a conducive environment for renewable energy investments with strong policy backing and incentives.

Government Commitment: Deputy Chief Minister K V Singh Deo emphasized Odisha’s commitment to renewable energy and highlighted its robust investment climate.
Incentives for Green Energy: Generous incentives from the state government aim to accelerate the adoption of renewable technologies and attract private sector participation.
Alignment with National Goals: Odisha aligns with India’s broader vision to achieve net-zero emissions by 2070, making renewable energy a cornerstone of its development agenda.

IREDA’s Borrower-Friendly Operations

IREDA has positioned itself as a competitive and seamless financier for green energy projects, supported by paperless and digitized operations.

Ease of Access: Borrowers benefit from a streamlined process that reduces administrative hurdles, ensuring timely funding for projects.
Tailored Solutions: The agency provides sector-specific financing options, particularly for innovative projects like floating solar and green ammonia.
Market Impact: IREDA envisions contributing 10–15% to the renewable energy debt financing space, reinforcing its role in India’s clean energy transition.

Solar Power as a Catalyst for Growth

Solar energy is central to Odisha’s renewable energy ambitions, with the state rapidly expanding its solar footprint.

Future Potential: The state has identified a “modest” 200 GW renewable energy potential, largely driven by solar.
Focal Technologies: Floating solar systems, rooftop solar panels, and grid-scale solar plants are key areas of development.
District-Specific Strategies: Districts with high solar potential are being prioritized for large-scale installations, ensuring optimal utilization of resources.

Collaborative Efforts Driving Sustainability

The Odisha Solar Investor Conclave showcased the synergy between government, financial institutions, and environmental organizations.

GRIDCO’s Role: GRIDCO Managing Director Trilochan Panda highlighted the importance of innovative projects like PM Kusum in enhancing solar adoption.
iFOREST’s Advocacy: Chandra Bhushan, President of iFOREST, stressed the connection between a green economy and clean energy, predicting significant sectoral growth over the next five years.
Policy Support: The conclave underscored the state’s readiness to embrace renewable energy as a driver of economic and environmental sustainability.

Odisha’s Renewable Energy Challenges and Opportunities

While the state has abundant solar potential, challenges remain in scaling up infrastructure and attracting investments.

Infrastructure Gaps: Developing grid infrastructure and addressing land acquisition challenges are critical for project success.
Private Sector Participation: Encouraging private investments through favorable policies and incentives is key to scaling renewable energy projects.
Workforce Development: Expanding renewable energy projects is expected to generate significant employment, requiring skilled labor in the sector.