REC Pledges Rs 3 Lakh Cr Green Projects Loan by 2030

Gandhinagar, Sep 18 (PTI) State-owned REC on Wednesday said it has pledged to increase its renewables loan book to over Rs 3 lakh crore by 2030.

The company intends to be a key player in the country's journey of installed non-fossil-based generation capacity from 200 GW to 500 GW by 2030, the company said in a statement.

REC has undertaken a financial commitment through 'Shapath Patra' of increasing its renewables loan book to over Rs 3 lakh crore by 2030, the company said, adding that this will increase the share of renewables from current 8 per cent to 30 per cent by 2030, as REC's loan book is projected to be of Rs 10 lakh crore by 2030.

The Shapath Patra was handed over by REC Chairman and Managing Director (CMD) Vivek Kumar Dewangan to Union Minister of New and Renewable Energy Pralhad Joshi.

REC Ltd at the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar signed MoUs worth Rs 1.12 lakh crore with RE developers, to be implemented over five years.

The MoUs cover projects based on solar and wind hybrid projects, solar and wind Round the Clock (RTC) project, Firm and Dispatchable RE (FDRE) power, Floating Solar Plants, Hydroelectric Power Project, and other innovative technologies, REC said.

Discussions are also underway for financing of green energy corridors, wind turbine manufacturing, EV ecosystem including associated charging infrastructure.

Further, REC is also open to consider renewable projects by developers for the commercial and industrial (C&I) segment having top rated offtakers.