Renewable energy dominates REC’s sanctions in FY24

 

 

Renewable energy projects clearly dominated sanctions by REC Ltd during FY24.

In a brief stock exchange filing, REC said that its total sanctions in FY24 stood at Rs.3,58,816 crore out of which the renewable energy (RE) sector accounted for Rs.1,36,516 crore, representing a share of 38 per cent. As against this, share of RE sector in REC’s FY23 sanctions was much smaller at just around 8 per cent.

In value terms, REC’s sanctions to the renewable energy sector grew more than six times between FY23 and FY24.

Meanwhile, REC’s total sanctions grew by 33.7 per cent in FY24 whereas disbursements were 66.7 per cent higher in FY24 than in FY23.

Both sanctions and disbursements of REC in FY24 were the highest ever in any financial year so far.

As of March 31, 2024, REC’s total loan book, at Rs.5,09,545 crore, up 17.1 per cent from Rs.4,35,102 crore as of March 31, 2023.

Also read: Renewable Energy And Battery Storage: Cornerstones Of Energy Transition

 

Featured photograph (source: INOX Wind) is for representation only.