REC inks ₹1.12 Trillion MoUs for Green Energy project financing
REC Limited, India’s leading financial services firm, has signed MoUs worth ₹1.12 billion (about $13.4 billion) to finance various green energy projects These MoUs were signed at the 4th Global Renewable Energy Investors Meet and Expo (RE-INVEST 2024). in Gujarat, it has been decided to implement five of the projects over the years.
Funded projects cover a wide range of renewable energy technologies, including hybrid solar and wind systems, 24-hour (RTC) renewable energy sources, floating solar panels, renewable energy sources high quality streets, hydroelectricity, and advanced energy -Storage-systems etc are Battery Energy Storage System (BESS) and storage pumps. REC aims to support businesses in emerging technologies such as green hydrogen and ammonia production, as well as solar cell and module manufacturing
This effort is in line with India’s target of increasing its non-fossil-based power generation from 200 GW to 500 GW by 2030. REC plans to expand its renewable energy loan book to ₹3 billion by 2030, thereby increasing total renewable energy The share increases and the loan ratio ranges from 8% to 30%. The company is exploring new opportunities in wind turbine manufacturing, the EV ecosystem and the green energy path.
