Renew Energy, PFC, REC sign pacts to get Rs 64k cr loan
POWER & RENEWABLE ENERGY

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

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.

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.

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?