REC Limited, a Maharatna public sector undertaking under the Ministry of Power, has announced the signing of Memorandums of Understanding (MoUs) with renewable energy developers during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024). The agreements, valued at approximately ₹1.12 lakh crore, will be implemented over the next five years.
The MoUs encompass a wide array of projects, including solar and wind hybrid initiatives, Round-the-Clock (RTC) solar and wind projects, Firm and Dispatchable Renewable Energy (FDRE) power, floating solar plants, ultra-mega renewable energy parks, hydroelectric power projects, battery energy storage systems (BESS), pumped storage, and green ammonia/hydrogen initiatives. Additionally, discussions are ongoing regarding financing Green Energy Corridors and establishing an electric vehicle ecosystem, complete with necessary charging infrastructure.
REC Limited aims to play a pivotal role in boosting India’s non-fossil-based generation capacity from 200 GW to 500 GW by 2030. As part of this commitment, REC has launched the ‘Shapath Patra’, pledging to increase its renewable loan book to over ₹3 lakh crore by 2030, which would elevate the share of renewables in its overall loan portfolio from 8 percent to 30 percent, with projections of reaching a total loan book of ₹10 lakh crore.
The Shapath Patra was formally presented by REC’s CMD, Shri Vivek Kumar Dewangan, IAS, to Shri Pralhad Joshi, the Hon’ble Cabinet Minister of New and Renewable Energy. Following this, the CMD received recognition for REC’s substantial financing commitment from the Cabinet Minister, in the presence of Chief Ministers from several states including Andhra Pradesh, Madhya Pradesh, Rajasthan, Chhattisgarh, and Goa.
As REC continues to engage with key stakeholders and leading developers, the company is set to play a significant role in advancing India’s renewable energy landscape.
