REC Approves Rs 3,081 Crore for Serentica’s Solar-Wind Project in Karnataka – EQ

New Delhi [India] : REC Limited has sanctioned debt funding worth Rs 3,081 crore to renewable energy company Serentica Renewables for its 560 MW peak greenfield solar-wind hybrid project in Gadag in Karnataka.

REC Ltd is a Maharatna Central Public Sector Enterprise under the Union Ministry of Power. Established in 1969, REC Limited is an NBFC focusing on power sector financing and development across India.

“The loan documentation has been signed and disbursement of funds is being done,” said a Ministry of Power release.

REC said it is on a trajectory to achieve a green finance loan book of Rs 3 lakh crore by the financial year 2030. CMD, REC Limited, Vivek Kumar Dewangan has said that the company is proud to be at the forefront of India’s journey towards a sustainable energy future.

“Our partnerships and collaborations are a testament to our commitment to align with global visions for a cleaner and greener planet. REC envisions itself as the leading financing partner for India’s energy transition, contributing significantly to the global mission of ‘one world, one family, one future’ as outlined by the G20,” Dewangan said.

India aims to meet its 50 per cent energy needs through renewable sources by 2030.

At the COP26 summit in Glasgow in 2021, Prime Minister Narendra Modi committed to an ambitious five-part ‘Panchamrit’ pledge, including reaching 500 GW of non-fossil electricity capacity, to generate half of all energy requirements from renewables, to reduce emissions by 1 billion tons by 2030.

India also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.

India meets a sizable portion of its energy needs through imports, and new energy sources are seen as an avenue to reduce the dependence on imported fuel.