IREDA subsidiary IGGEFIL sanctions first international green energy loan worth $22.5 mn
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IREDA Global Green Energy Finance IFSC Ltd. (IGGEFIL), a wholly owned subsidiary of Indian Renewable Energy Development Agency Ltd. (IREDA) , has sanctioned its first international loan, approving USD 22.5 million for a solar power project in Zambia.
The loan was approved at IGGEFIL’s board meeting held in New Delhi and has been extended to Swarna Solar Limited (SSL) for the development of a 100 MW photovoltaic solar power plant in the Serenje District of Zambia’s Central Province.
The sanction marks IGGEFIL’s entry into overseas green energy financing and signals IREDA’s push to expand India’s renewable energy financing footprint beyond domestic markets.
Pradip Kumar Das, Chairman and Managing Director of IREDA and Chairman of IGGEFIL, said the first loan sanction represents a key milestone in IREDA’s global ambitions. He noted that IGGEFIL’s presence at GIFT City enables access to competitive international capital to support renewable energy projects worldwide.
"This first loan sanction by IGGEFIL is a landmark for IREDA to emerge as a global catalyst for clean energy financing. Through our presence at GIFT City, we are leveraging competitive international capital to enable renewable energy development not only in India but also across the world,” he said.
He added that financing the Zambia solar project reflects IREDA’s commitment to promoting sustainable energy development globally, in line with the Government of India’s vision of positioning the country as a leader in renewable energy.
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IGGEFIL was set up at the International Financial Services Centre (IFSC), GIFT City, to facilitate overseas green energy financing and support cross-border renewable energy investments. The Zambia project marks the beginning of its international lending operations.
IREDA, India’s largest pure-play green financing institution, has sanctioned loans worth over ₹2.7 lakh crore and disbursed more than ₹1.7 lakh crore across the country, backed by strong governance standards, digital paperless processes, and industry-leading asset quality.
Speaking at the Global Energy Leaders’ Summit in Puri last month, IREDA Chairman and Managing Director Pradip Kumar Das said the scale of sanctions—₹2.7 lakh crore—underscores the accelerating pace of India’s green transition. He emphasised that from India’s perspective on renewable energy development, decarbonisation and energy transition, the responsibility cannot rest solely with national policymakers or corporate leaders.
“Leaders at every level—states, districts, panchayats, villages and even within families—must collectively share the responsibility of achieving net zero,” Das said. He added that this goal can only be realised through a holistic approach that builds a robust ecosystem supporting renewable energy growth while preserving ecological balance.