Indus Valley Times

The Central agency CMD meets CM Mohan Majhi, discusses growth prospects

By Sukanta Mohanty

Bhubaneswar, July 14: The Indian Renewable Energy Development Agency (IREDA) on Saturday said it looked at harnessing the renewable energy potential of Odisha which promises significant growth in the renewable energy sector.

As of June 2024, Odisha’s installed renewable energy capacity stands at approximately 2.8 GW (gigawatt), including around 2.1 GW of large hydro and 0.7 GW from other renewable sources such as solar, small hydro, and wind.

“We are dedicated to accelerating Odisha’s renewable energy development and realising its full potential. Our investments and support reflect our commitment to sustainable growth and energy transition in Odisha,” IREDA chairman and managing director Pradip Kumar Das said here at media interaction.

IREDA has been instrumental in supporting Odisha’s renewable energy sector, having sanctioned loans amounting to Rs 3,060 crore and disbursed Rs 1,934 crore as of June 30, 2024. The current loan book for Odisha stands at Rs 1,456 crore.

Odisha has seen significant announcements and ongoing constructions 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’s renewable energy potential is substantial, with the state ranking among the top 10 in solar, wind, and hydro potential, and 14th in biomass potential. The state has approximately 3.8 GW of renewable energy contracted capacity and 4.2 GW of thermal contracted capacity from plants within and outside Odisha, contributing to a 29 per cent green energy share in its generation mix.

The IREDA Das emphasised that Odisha is poised to play a pivotal role in the green hydrogen revolution, which promises to enhance value realisation for traditional sectors like steel and aluminum through green power. The production of green hydrogen, which demands over 60 per cent of its production cost from electricity, necessitates substantial green energy input.

Recently, the IREDA CMD Das and director (finance) Bijay Kumar Mohantymet with Odisha chief minister Mohan Charan Majhi and deputy chief minister Kanak Vardhan Singh Deo and apprised them the central entity’s pivotal role in renewable energy financing and its commitment to sustainable development.

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Photograph: IREDA chairman and managing director Pradip Kumar Das (right) interacting with media persons in Bhubaneswar on Saturday