REC wins SKOCH ESG Award 2024 in Renewable Energy Financing Category
In Short – REC has been honored with the SKOCH ESG Award 2024 in the Renewable Energy Financing category. This recognition underscores REC’s commitment to environmental, social, and governance (ESG) principles while financing renewable energy projects. Such accolades reinforce REC’s leadership in sustainable financing, contributing to the growth of renewable energy infrastructure in India.
In Details – REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has been bestowed with the SKOCH ESG Award 2024 in the ‘Renewable Energy Financing’ category. The award underscores REC’s dedication to sustainable financing, paving the way for a greener future and accelerating the transition to renewable energy. Executive Director, REC Limited, Shri T.S.C. Bosh received the award in New Delhi.
REC has emerged as a significant player in India’s clean energy transition, actively contributing to the nation’s sustainable future. Through various initiatives and achievements, REC has committed to numerous sustainable projects and signed various MOUs for green projects.
Furthermore, REC has engaged in one-on-one discussions with various developers of green projects, spanning sectors such as solar, wind, Pumped Storage Projects, E-mobility, RE manufacturing, green ammonia and green hydrogen, and battery storage.
Looking ahead, REC anticipates a significant expansion in its renewable energy portfolio, with projections indicating growth to 10 times its present value, reaching more than Rs. 3 lakh crores by 2030, representing approximately 30% of its Assets Under Management.
The SKOCH ESG Awards recognize organizations that demonstrate outstanding performance in Environmental, Social, and Governance (ESG) practices. The SKOCH ESG Award and Assessment serve as an important benchmark for evaluating organizations’ commitment to India 2047. It focuses on the interplay between sustainable investments and processes in shaping a sustainable and growing business future.
About REC Limited
REC is a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). REC finances 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. 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 a 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). The loan book of REC stands at Rs 4.97 Lakh Crores and Net Worth at Rs. 64,787 crores as on 31st December, 2023.
