REC signs MoU with RE developers for Rs 1.12 lakh crore during 4th RE-INVEST

REC Limited, a Maharatna CPSU under the Ministry of Power and a leading NBFC, has signed Memorandum of Understanding (MoU) during 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar with RE developers aggregating about Rs 1.12 lakh crore which will be implemented over a period of 5 years.

The MoUs cover projects based on Solar and Wind hybrid projects, Solar and Wind Round the Clock (RTC) project, Firm and Dispatchable RE (FDRE) power, Floating Solar Plants, Ultra Mega Renewable Energy park, Hydroelectric Power Project, Battery Energy Storage Systems (BESS), Pumped Storage, Hydropower, Green Ammonia/Hydrogen, Solar Cell/Module Manufacturing and other innovative technologies. Discussions are also underway for financing of Green Energy Corridors, Wind Turbine manufacturing, EV Ecosystem including associated charging infrastructure. Further, REC is also open to consider renewable projects by developers for the C&I segment having top rated offtakers.

REC participated in the event and had engaging business discussions with several key stakeholders and leading RE developers. REC intends to be a key player in the country's journey of installed non fossil based generation capacity from 200 GW to 500 GW by 2030. REC has undertaken a financial commitment through ‘Shapath Patra’ of increasing its Renewables loan book to over Rs 3 lakh crore by 2030. This will increase the share of Renewables from current 8% to 30% by 2030, as REC’s loan book is projected to be of Rs 10 lakh crore by 2030. The Shapath Patra was handed over by REC CMD Shri Vivek Kumar Dewangan, IAS, to Shri Pralhad Joshi, Hon'ble Cabinet Minister of New and Renewable Energy.

After handing over the Shapath Patra, REC CMD received recognition from the Cabinet Minister in the presence of the Chief Ministers of Andhra Pradesh, Madhya Pradesh, Rajasthan, Chhattisgarh and Goa for its significant commitment of financing Rs 3 lac Crore in Renewable Energy projects by 2030.