REC inks pact with RE developers for ₹ 1.12 lakh crore during 4th RE-INVEST

The MoUs cover projects based on Solar and Wind hybrid projects, Solar and Wind Round Clock (RTC) projects, Firm and Dispatchable RE (FDRE) power, Floating Solar Plants, Ultra Mega Renewable Energy parks, Hydroelectric Power Projects, Battery Energy Storage Systems ( BESS), Pumped Storage, Hydropower, Green Ammonia/Hydrogen, Solar Cell/Module Manufacturing and other innovative technologies.

REC Limited, a Maharatna CPSU under the Ministry of Power and a leading NBFC has signed a Memorandum of Understanding (MoU) during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar with RE developers aggregating about ₹ 1.12 lakh. crore which will be implemented over 5 years.

The MoUs cover projects based on Solar and Wind hybrid projects, Solar and Wind Round Clock (RTC) projects, Firm and Dispatchable RE (FDRE) power, Floating Solar Plants, Ultra Mega Renewable Energy parks, Hydroelectric Power Projects, Battery Energy Storage Systems ( BESS), Pumped Storage, Hydropower, Green Ammonia/Hydrogen, Solar Cell/Module Manufacturing and other innovative technologies.

Discussions are also underway for the financing of Green Energy Corridors, Wind Turbine manufacturing, and EV Ecosystem including associated charging infrastructure. Further, REC is also open to considering renewable projects by developers for the C&I segment having top-rated off-takers.

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. REC has undertaken a financial commitment through ‘Shapath Patra’ of increasing its Renewables loan book to over ₹ 3. lakh crore by 2030. This will increase the share of Renewables from the current 8 percent to 30 percent by 2030, as REC’s loan book is projected to be ₹10 lakh crore by 2030. The Shapath Patra was handed over by REC CMD Vivek Kumar Dewangan. , IAS, to Pralhad Joshi, Cabinet Minister of New and Renewable Energy.

After handing over the Shapath Patra, REC CMD received recognition from the Cabinet Minister in the presence of the Chief Ministers of Andhra Pradesh, Madhya Pradesh, Rajasthan, Chhattisgarh and Goa for its significant commitment to financing ₹ 3 lac Crore in Renewable Energy projects by 2030.