REC signs Rs 1.12 trillion MoU with renewable energy developers
POWER & RENEWABLE ENERGY

REC signs Rs 1.12 trillion MoU with renewable energy developers

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.

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.

Next Story
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?