IREDA aims to tap Odisha’s renewable energy potential

Bhubaneswar: The Indian Renewable Energy Development Agency (IREDA) on Saturday said it is looking into tapping the renewable energy potential in Odisha, which promises significant growth in the renewable energy sector.

As of June 2024, the installed renewable energy capacity in Odisha was about 2.8 GW (gigawatts), of which about 2.1 GW was from large hydropower plants and 0.7 GW from other renewable energy sources like solar, small hydropower and wind power.

“We are committed to accelerating renewable energy development in Odisha and harnessing its full potential. Our investments and support reflect our commitment towards sustainable growth and energy transformation in Odisha,” IREDA Chairman and Managing Director Pradip Kumar Das said here during a media interaction.

IREDA has played a key role in supporting the renewable energy sector in Odisha by providing loans to the tune of Rs 3,060 crore and disbursing Rs 1,934 crore as on June 30, 2024. The current loan portfolio to Odisha is Rs 1,456 crore.

Odisha has seen significant announcements and ongoing construction 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.

Odisha has significant renewable energy potential, with the state ranking in the top ten in terms of solar, wind and hydro potential and 14th in terms of biomass potential. The state has about 3.8 GW of contracted renewable energy capacity and 4.2 GW of contracted thermal capacity from power plants in and outside Odisha, contributing to a 29 percent share of green energy in the generation mix.

IREDA Das emphasised that Odisha is poised to play a key role in the green hydrogen revolution that promises to enhance value realisation for traditional sectors like steel and aluminium through green energy. Production of green hydrogen, which requires more than 60 per cent of its production cost from electricity, requires a significant input of green energy.

Recently, IREDA CEO Das and Director (Finance) Bijay Kumar Mohanty met Odisha Chief Minister Mohan Charan Majhi and Deputy Chief Minister Kanak Vardhan Singh Deo and apprised them about the critical role the central body is playing in renewable energy financing and its commitment to sustainable development.