Renew Energy, PFC, REC sign pacts to get Rs 64k cr loan

24 Jul 2023 CW Team

Renew Energy Global signed initial pacts with Power Finance Corporation and Rural Electrification Corporation for loans worth Rs 64,000 crore. Public sector energy funders will lend Rs 32,000 crore each to the Nasdaq-listed energy company.

The memoranda of understanding were signed at the clean energy ministerial meet, a part of the G20 meeting, in Goa.

"We will receive Rs 32,000 crore (USD 3.9 billion) each from PFC and REC for financing its current and upcoming energy transition projects, totalling USD 7.8 billion or Rs 64,000 crore," the company said in a statement issued from Goa without sharing project details or a timeline for disbursals.

The company will utilise the funds for new projects, including solar, wind, hybrid, energy storage, solar modules and cell manufacturing, and green hydrogen, the statement added.

Kailash Vaswani, president, corporate finance at Renew, said the company already has a long-standing relationship with PFC and REC-- the biggest lenders to the energy sector.

These loan agreements will help us meet our current and future financing needs and demonstrate our ability to raise long-term financing for large-scale green energy projects, he added.

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