Suzlon Group Secures Working Capital from REC for Renewable Energy Projects
By Rediff Money Desk, NEWDELHI Dec 19, 2023 13:44
Suzlon Group has secured working capital facilities from REC Ltd to support its renewable energy projects, enabling faster ramp-up of operations and improved capacity utilization.
New Delhi, Dec 19 (PTI) Suzlon Group on Tuesday said it has executed a definitive agreement with state-owned REC Ltd for securing working capital facilities.
REC, under Ministry of Power, is a non-banking finance company (NBFC) focusing on power sector financing in India.
In a statement, Suzlon said it will utilise the facility for meeting working capital requirements for the execution of its current order book and future order pipeline.
It will enable the company to ensure faster ramp-up of its operations and improve the utilisation of its installed capacities.
"REC has a clear vision to support India's ambitious renewable energy targets and has supported the company's initiatives in the past through debt refinancing, helping us become debt free. The current facility is non-fund based, which will primarily be off-balance sheet keeping us debt-free while significantly improving commercial terms with our customer and suppliers," Himanshu Mody, Chief Financial Officer, Suzlon Group said.
Pune-based Suzlon Group is one of the leading renewable energy solutions providers in the world with 20.3 gigawatt (GW) of wind energy capacity installed across 17 countries.
In the statement, the company did not provide any financial details.
REC, under Ministry of Power, is a non-banking finance company (NBFC) focusing on power sector financing in India.
In a statement, Suzlon said it will utilise the facility for meeting working capital requirements for the execution of its current order book and future order pipeline.
It will enable the company to ensure faster ramp-up of its operations and improve the utilisation of its installed capacities.
"REC has a clear vision to support India's ambitious renewable energy targets and has supported the company's initiatives in the past through debt refinancing, helping us become debt free. The current facility is non-fund based, which will primarily be off-balance sheet keeping us debt-free while significantly improving commercial terms with our customer and suppliers," Himanshu Mody, Chief Financial Officer, Suzlon Group said.
Pune-based Suzlon Group is one of the leading renewable energy solutions providers in the world with 20.3 gigawatt (GW) of wind energy capacity installed across 17 countries.
In the statement, the company did not provide any financial details.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 8.14 (+ 3.17)
- 51615920
- Srestha Finvest
- 0.69 (+ 2.99)
- 47696604
- GTL Infrastructure
- 2.21 (+ 4.25)
- 30873036
- Standard Capital
- 1.09 ( -0.91)
- 18376671
- AvanceTechnologies
- 0.90 (+ 4.65)
- 16478907
MORE NEWS
Aptus Value Housing Finance Q2 Profit Up 22% to...
Aptus Value Housing Finance India Ltd reported a 22% rise in net profit to Rs 182 crore...
ICANN's New gTLD Programme: Empowering Local...
NIXI CEO discusses ICANN's new gTLD programme, empowering local businesses with new...
Hero MotoCorp to Enter Europe, UK Markets in 2025
Hero MotoCorp plans to enter Europe and the UK markets in the second half of 2025,...