In a significant development, REC Limited has been appointed as the primary executor for the national rooftop solar initiative by the Ministry of New and Renewable Energy. The responsibility includes not only spearheading the implementation of the entire program but also collaborating with a diverse range of stakeholders.
The ambitious objective of the rooftop solar initiative aims to achieve a combined capacity of 40,000 MW through the installation of rooftop solar panels by the year 2026.
Adding to its recent accomplishments, REC Limited successfully raised approximately Rs 35 billion through the issuance of green bonds in January 2024.
Moreover, in December 2023, REC Limited, in alignment with the government’s Revamped Distribution Sector Scheme, entered into a financing agreement of $215 million with KfW to enhance the distribution infrastructure of distribution companies.
In a series of strategic moves, REC Limited inked agreements in October 2023 to fund two green hydrogen and thermal power projects in Odisha. During the same month, a Memorandum of Understanding (MoU) was signed between REC Limited and Avaada Group for the financing of energy transition projects in Odisha, marking a significant step towards sustainable energy initiatives.
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