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.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code