Sunsure Energy Secures Rs 10,000 Crore Loan from REC Ltd for Green Energy Projects

Sunsure Energy has entered into an agreement with state-owned REC Ltd to secure a Rs 10,000 crore loan for green energy initiatives. This partnership, formalized at the 4th Global RE-Invest Meet and Expo, aims to develop 3 GW of solar, wind, hybrid, and BESS projects, supporting India's green energy transition.

Sunsure Energy on Wednesday said it has inked a pact with state-owned REC Ltd to secure a loan of Rs 10,000 crore for green energy projects.

The agreement was signed on the sidelines of the 4th Global RE-Invest Meet and Expo organized by the Ministry of New and Renewable Energy (MNRE) in Gandhinagar, Gujarat.

According to a statement, REC and Sunsure Energy have agreed to partner for debt financing of Rs 10,000 crore to support the development of 3 GW of solar, wind, hybrid, and BESS projects, accelerating India's transition to green power.

The agreement was signed by Shantanu Faugaat, Director & COO, Sunsure Energy, and Saurabh Rastogi, Executive Director (Renewable Energy and Business Development), REC.

This partnership will empower Sunsure Energy to significantly expand its portfolio of open access hybrid projects across India, including intrastate solar and solar-wind hybrid projects.

By supplying clean energy to commercial and industrial customers, these projects are estimated to offset 5 million tonnes of carbon dioxide annually, the statement said.

Shashank Sharma, Founder, Chairman and CEO, Sunsure Energy, said: ''We foresee immense potential in joining forces. We are aligned on a shared ambition to accelerate India's transition to a more sustainable and energy-independent future and are very excited with this partnership with REC.'' Sunsure Energy is currently powering the sustainability journey of over 70 Indian industrial giants across 16 states, including multinationals like Sandoz, Lupin, KSB Pumps, Inox Air Products, Emcure, Dabur, and Olon API.

(With inputs from agencies.)