In Short : REC (Rural Electrification Corporation) sets a target of achieving 30% Assets Under Management (AUM) specifically in renewable energy. This strategic goal underscores REC’s commitment to significant investment and support for the growth of renewable energy projects.
In Detail : State-run power finance company, REC, is aiming for a bigger share of the ₹3 lakh crore opportunity in the renewable energy segment. The company plans to allocate 30% of its Asset Under Management (AUM) to this sector over the next few years.
The renewable energy capacity is currently at 180 GW and it could expand to 500 GW over the next seven years, Vivek Kumar Dewangan.
At the beginning of the current year, REC’s AUM was around ₹4,35,000 crore after a year-on-year growth of approximately 13%. However, the first half of the year witnessed a remarkable surge, with AUM growing by 20%.
“We hope to maintain this growth of 20%, and our AUM, at the end of this financial year, will be more than ₹5,10,000 crore,” Dewangan stated.
REC had previously made a conservative estimate, projecting AUMs to reach about ₹10 lakh crore by the end of 2030. However, if the company sustains its 20% growth trajectory, AUMs are expected to reach this milestone by the year 2028 itself.
On December 1, REC announced that disbursements had crossed the ₹1 lakh crore mark in the fiscal year triggering a spike in the shares. It hit a new 52-week high of ₹394.8 earlier today.
