REC Signs MoUs with Renewable Energy Firms for ₹1.12 Lakh Crore Projects – EQ
In Short : REC (Rural Electrification Corporation) has signed Memorandums of Understanding (MoUs) with various renewable energy companies to support projects worth ₹1.12 lakh crore. These agreements aim to accelerate the development of renewable energy projects, including solar, wind, and hybrid energy, and boost India’s green energy capacity. This initiative is part of REC’s efforts to finance and promote clean energy, helping the country meet its sustainability and renewable energy targets.
In Detail : REC Limited, a leading infrastructure financing company in India, has signed non-binding Memorandums of Understanding (MoUs) with renewable energy developers for projects valued at approximately ₹1.12 lakh crore. The agreements were made during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gujarat.
These projects, to be implemented over the next five years, span various renewable energy sectors, including solar and wind hybrid systems, Round the Clock (RTC) power, floating solar plants, ultra-mega renewable energy parks, hydroelectric power, and advanced storage solutions like Battery Energy Storage Systems (BESS) and pumped storage. Additionally, green ammonia, hydrogen production, and solar cell/module manufacturing are included in the agreements.
REC also announced its commitment to growing its renewables loan book to over ₹3 lakh crore by 2030 as part of its “Shapath Patra” pledge, supporting India’s goal of expanding non-fossil-based generation capacity from 200 GW to 500 GW by the same year. The company aims to increase the share of renewable projects in its portfolio from 8% to 30%, with its total loan book expected to reach ₹10 lakh crore by 2030.
Alongside renewable energy, REC is exploring financing opportunities in Green Energy Corridors, wind turbine manufacturing, and the electric vehicle (EV) ecosystem, including charging infrastructure. The company is also considering financing renewable projects in the Commercial & Industrial (C&I) sector with high-rated clients.
The RE-INVEST 2024 event, held from September 16 to 18, 2024, in Gandhinagar, Gujarat, brought together government officials, industry leaders, investors, and policymakers to discuss the future of renewable energy in India.
