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Home » News » REC grants Greenko ₹6,075 Cr for 1,440 MW storage project

REC grants Greenko ₹6,075 Cr for 1,440 MW storage project

September 21, 2023 2:20 pm

REC grants Greenko ₹6,075 Cr for 1,440 MW storage project
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During India’s G20 Presidency, REC hosted the Green Finance Summit, fostering MoU signings worth ₹ 2.86 lakh crore.

REC Limited has sanctioned 6,075 crore loan to renewable energy company Greenko for setting up 1,440 MW Standalone Pumped Storage Project.The country’s premier NBFC-IFC is also in advanced discussions with Greenko and is poised to extend financial support for multiple clean energy projects. The National Electricity Plan of the Central Electricity Authority estimates an overall Renewable installed capacity growth of around 4 times between FY 2022 and FY 2032 (~7 times under Solar, ~5.5 times under Pumped Storage Project, ~3 times under Wind). These projections, coupled with global thrust and national commitments under Renewables, will not just present a business opportunity for REC but will also allow the company to contribute to nation-building by leading the green financing vertical.

Previously, REC hosted the Green Finance Summit in July 2023 on the sidelines of India’s G20 Presidency, where one-on-one discussions with RE developers were conducted, leading to the successful signing of Memorandums of Understanding (MoUs) amounting to a total of around 2.86 lakh Crore. These milestone agreements reflect REC’s pivotal role in facilitating green financing solutions and strengthening its position as a key financing partner for India’s transition to sustainable and clean energy.

REC Limited, a Maharatna corporation, has positioned itself as a leader in driving India’s energy transition, harmonising its efforts with the country’s COP26 obligations and recent G20 undertakings.

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