REC Ltd, in a release, said that it has undertaken a non-binding financial commitment of increasing its renewable energy (RE) loan book to over Rs.3 lakh crore (Rs.3 trillion), by 2030.
This will increase the share of RE in its loan book from the current 8 per cent to 30 per cent by 2030. REC’s total loan book is projected to be in the region of Rs.10 lakh crore by 2030.
REC made this announcement in the context of its participation in the “4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024)” that was held from September 16 to 18, 2024 at Gandhinagar, Gujarat
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, the release noted.
At the RE-INVEST 2024, REC signed non-binding MoUs with RE developers aggregating about Rs.1.12 lakh crore which will be implemented over a period of 5 years. These memoranda cover:
- Solar-wind hybrid projects
- Solar and wind round the clock (RTC) projects
- Firm and Dispatchable RE (FDRE) power
- Floating solar plants
- Ultra mega renewable energy parks
- Hydropower
- Battery energy storage systems (BESS)
- Pumped storage
- Hydropower,
- Green ammonia/hydrogen,
- Solar cell/module manufacturing
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, the release said.
Also Read: Renewables post higher share in REC lending portfolio (July 1, 2024)
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