REC signs MoU with RE developers for ₹ 1.12 lakh crore during 4th RE-INVEST

Gandhinagar/Gurugram: REC Limited, a Maharatna CPSU under the Ministry of Power and a leading NBFC, has signed Memorandum of Understanding (MoU) during 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar with RE developers aggregating about ₹ 1.12 lakh crore which will be implemented over a period of 5 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, Ultra Mega Renewable Energy park, Hydroelectric Power Project, Battery Energy Storage Systems (BESS), Pumped Storage, Hydropower, Green Ammonia/Hydrogen, Solar Cell/Module Manufacturing and other innovative technologies. 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 C&I segment having top rated offtakers.

REC participated in the event and had engaging business discussions with several key stakeholders and leading RE developers. REC 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. REC has undertaken a financial commitment through ‘Shapath Patra’ of increasing its Renewables loan book to over ₹ 3 lakh crore by 2030. This will increase the share of Renewables from current 8% to 30% by 2030, as REC’s loan book is projected to be of ₹10 lakh crore by 2030. The Shapath Patra was handed over by REC CMD Shri Vivek Kumar Dewangan, IAS, to Shri Pralhad Joshi, Hon'ble Cabinet Minister of New and Renewable Energy. 

After handing over the Shapath Patra, REC CMD received recognition from the Cabinet Minister in the presence of the Chief Ministers of Andhra Pradesh, Madhya Pradesh, Rajasthan, Chhattisgarh and Goa for its significant commitment of financing ₹ 3 lac Crore in Renewable Energy projects by 2030. 

ABOUT REC LIMITED: 

REC is a 'Maharatna' company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen, Green Ammonia projects etc. More recently REC Limited has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc.

REC Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Limited continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of PM Surya Ghar Muft Bijli Yojna from Central Government. The loan book of REC stands at ₹ 5.30 lakh crore and Net Worth at Rs. ₹ 72,351 crore as on 30th June, 2024.