REC Limited, a Maharatna CPSU under the Ministry of Power and a prominent NBFC signed Memoranda of Understanding (MoUs) worth ₹ 1.12 lakh crore with renewable energy developers during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar. These projects will be implemented over the next five years.
The MoUs encompass a wide range of projects, including Solar and Wind hybrid initiatives, Round the Clock (RTC) Solar and Wind, Firm and Dispatchable Renewable Energy (FDRE) power, Floating Solar Plants, Ultra Mega Renewable Energy parks, Hydroelectric projects, Battery Energy Storage Systems (BESS), Pumped Storage, Green Ammonia/Hydrogen production, Solar Cell/Module Manufacturing, and other innovative technologies. Discussions are ongoing to finance Green Energy Corridors, Wind Turbine manufacturing, and the Electric Vehicle (EV) ecosystem, including charging infrastructure. REC is also open to supporting renewable projects with top-rated offtakes for the Commercial & Industrial (C&I) sector.
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During the event, REC engaged with key stakeholders and leading renewable energy developers, emphasising its commitment to playing a pivotal role in increasing India’s installed non-fossil-based generation capacity from 200 GW to 500 GW by 2030. REC aims to raise its Renewables loan portfolio to over ₹ 3 lakh crore by 2030, boosting the share of Renewables from the current 8% to 30% as part of its projected ₹ 10 lakh crore loan book. This financial commitment, formalised through the ‘Shapath Patra’, was handed over by REC CMD Vivek Kumar Dewangan to the Cabinet Minister for New and Renewable Energy, Pralhad Joshi.
Following the handover, the Cabinet Minister recognised REC CMD in the presence of the Chief Ministers of Andhra Pradesh, Madhya Pradesh, Rajasthan, Chhattisgarh, and Goa for REC’s significant pledge of ₹ 3 lakh crore in Renewable Energy financing by 2030.
