REC Limited Commits to Rs 1.12 Lakh Crore in Renewable Energy Projects at RE-INVEST 2024

REC Limited signs non-binding MoUs worth Rs 1.12 lakh crore with renewable energy developers. The projects span solar, wind, hydro, and more, aiming to boost India's non-fossil generation capacity. REC pledges to expand its renewables loan book to Rs 3 lakh crore by 2030.

REC Limited, a prominent player in India's infrastructure financing sector, has signed non-binding Memorandums of Understandings (MoUs) with renewable energy developers for projects valued at approximately Rs 1.12 lakh crore. These MoUs were inked during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) held in Gujarat.

According to the company, these projects, set to roll out over the next five years, will encompass a broad spectrum of renewable energy initiatives. These include solar and wind hybrid systems, Round the Clock (RTC) power, floating solar plants, ultra-mega renewable energy parks, hydroelectric power, and advanced energy storage solutions such as Battery Energy Storage Systems (BESS) and pumped storage. "At RE-INVEST 2024, REC has signed non-binding Memorandums of Understandings (MoUs) with renewable energy developers aggregating about Rs 1.12 lakh crore, which will be implemented over a period of 5 years," stated the company on Wednesday.

The MoUs further extend to projects in green ammonia and hydrogen production, solar cell/module manufacturing, and innovative technologies. The RE-INVEST 2024 event, held from September 16 to 18, 2024, in Gandhinagar, Gujarat, saw the participation of government officials, industry leaders, investors, and policymakers discussing the future of renewable energy. 

In alignment with India's goal of boosting non-fossil generation capacity from 200 GW to 500 GW by 2030, REC announced a "Shapath Patra," pledging to grow its renewables loan book to over Rs 3 lakh crore by 2030. This initiative aims to increase the share of renewable projects in its portfolio from 8 per cent to 30 per cent, with REC's total loan book expected to expand to Rs 10 lakh crore by the end of the decade.

"REC intends to be a key player in the country's journey towards increasing its installed non-fossil-based generation capacity," the company added. Additionally, REC is looking into financing opportunities in Green Energy Corridors, wind turbine manufacturing, and the electric vehicle (EV) ecosystem, including setting up charging infrastructure. The company is also open to financing renewable projects in the Commercial & Industrial (C&I) segment with high-rated offtakers.

(With inputs from agencies.)