REC Limited and National Investment and Infrastructure Fund Limited to collaborate on funding solutions for renewable energy projects and large infra projects – EQ
In Short : REC Limited and the National Investment and Infrastructure Fund Limited are set to collaborate on providing funding solutions for renewable energy projects and large infrastructure projects. This strategic partnership underscores the commitment to advancing sustainable initiatives and supporting crucial developments in the renewable energy and infrastructure sectors.
In Detail : REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has signed a Memorandum of Understanding (MoU) with the National Investment and Infrastructure Fund Limited (NIIFL) to collaborate on a suite of funding solutions for Renewable Energy Projects as well as large-scale infrastructure projects in India.
Speaking about the agreement, CMD, REC, Shri Vivek Kumar Dewangan said: “Empowering India’s growth through strategic financial partnerships, REC Limited remains steadfast in its commitment to fuelling the nation’s progress. Our commitment to financing key infrastructure projects echoes our shared vision for a robust and interconnected future.”
Executive Director & Chief Strategy Officer, NIIFL, Shri Prasad Gadkari said: “The collaboration with REC aligns perfectly with NIIF’s broader strategy to enhance financing and attract private capital into the infrastructure sector. Through this partnership, we aim to develop innovative financial solutions supporting major infrastructure.”
The MoU was signed by Executive Director (Finance), REC, Shri Daljeet Singh Khatri and Executive Director & Chief Strategy Officer, NIIFL, Shri Prasad Gadkari, in the presence of CMD, REC, Sh. Vivek Kumar Dewangan and CEO and MD, NIIFL, Shri Rajiv Dhar.
Director (Finance), REC, Shri Ajoy Choudhury; Director (Projects), REC, Shri V K Singh; Sr. Principal – Strategic Initiatives and Policy Advisory, NIIFL, Shri K Mukundan and Executive Director, REC, Shri Saurabh Rastogi were also present on the occasion.
About REC Limited
REC is a ‘Maharatna’ CPSE under the Ministry of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pumped Storage projects, Green Hydrogen and Green Ammonia projects. More recently, REC has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel and Refinery. REC Ltd. provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Ltd. continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last-mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of Pradhan Mantri Suryodaya Yojana from Central Government. The loan book of REC stands at Rs 4.97 Lakh Crore and Net Worth at Rs. 64,787 crores on 31st December, 2023.
