Gandhinagar/Gurugram: Maharatna Power Ministry CPSU, REC Limited has signed a Memorandum of Understanding (MoU) with RE developers, worth ₹ 1.12 lakh crore, for a 5-year implementation.
The Memorandum of Understanding was signed at the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar.
The MoUs encompass various renewable energy projects, including solar and wind hybrid, RTC, FDRE, floatable solar plants, hydroelectric power, BESS, pumped storage, and green ammonia/hydrogen.
REC is exploring financing for green energy corridors, wind turbine manufacturing, and EV ecosystems, and is open to renewable projects from top-rated developers in the C&I segment.
REC participated in an event, engaging with stakeholders and RE developers, aiming to contribute to the country’s 200 GW to 500 GW non-fossil-based generation capacity journey by 2030.
REC’s ‘Shapath Patra’ initiative aims to increase its Renewables loan book to above ₹3 lakh crore by 2030. Renewables would expand from 8% to 30% by 2030, with REC’s loan book anticipated to reach ₹10 lakh crore.
Union New and Renewable Energy Minister Pralhad Joshi, received the Shapath Patra from REC CMD Vivek Kumar Dewangan.
REC CMD received recognition from Cabinet Minister and Chief Ministers of Andhra Pradesh, Madhya Pradesh, Rajasthan, Chhattisgarh, and Goa for commitment to financing ₹ 3 lac Crore in Renewable Energy projects by 2030.
