REC signs Rs 1.12 trillion MoU with renewable energy developers

19 Sep 2024 CW Team

REC, a Maharatna Central Public Sector Undertaking (CPSU) under the Ministry of Power and a leading Non-Banking Financial Company (NBFC), announced that it had signed Memorandums of Understanding (MoUs) during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar. These MoUs, signed with renewable energy developers, are valued at Rs 1.12 trillion and are set to be implemented over five years.

The official press release stated that discussions are in progress for financing green energy corridors, wind turbine manufacturing, and the electric vehicle (EV) ecosystem, including the related charging infrastructure. Additionally, REC is open to considering renewable projects by developers for the Commercial and Industrial (C&I) segment with top-rated offtakers.

REC has made a financial commitment through its ‘Shapath Patra’ to increase its renewables loan book to over Rs 3 trillion by 2030. This move aims to raise the share of renewables from the current 8 per cent to 30 per cent by 2030, with REC's total loan book projected to reach Rs 10 trillion by that time.

The MoUs encompass a range of projects, including solar and wind hybrid projects, round-the-clock projects, FDRE, floating solar plants, ultra-mega renewable energy parks, Battery Energy Storage Systems (BESS), pumped storage, hydropower, green ammonia and green hydrogen projects, as well as solar cell and module manufacturing.

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