REC extends Rs. 6,075 Cr to Greenko and 3,081 Cr for Serentica as Green Transition Financing

Gurugram: REC Limited has sanctioned Rs. 6,075 Crore to Greenko for erection of 1440 MW Standalone Pumped Storage Project in Madhya Pradesh according to a company press note.

The country’s premier NBFC-IFC is also in advanced discussions with Greenko and is poised to extend financial support for multiple clean energy projects. CEA’s National Electricity Plan estimates an overall Renewable installed capacity growth of around 4 times by FY2032 (~7 times under Solar, ~5.5 times under PSP, ~3 times under Wind) from FY2022 levels. These projections coupled with global thrust & national commitments under Renewables will not just present a business opportunity for REC but will also allow the company to contribute to nation building by leading the green financing vertical.

Recently, REC hosted the Green Finance Summit in July 2023 on the sidelines of G20, where one-on-one discussions with RE developers were conducted, leading to the successful signing of Memorandums of Understanding (MoUs) amounting to a total of around Rs. 2.86 lakh Crore. These milestone agreements reflect REC’s pivotal role in facilitating green financing solutions and cement its position as a key financing partner for India’s transition to sustainable and clean energy.

REC Limited, a prestigious Maharatna corporation, has positioned itself as a leader in driving India’s energy transition, harmonizing its efforts with the country’s COP26 obligations and recent G20 undertakings. With a steadfast vision and unyielding dedication, REC is firmly set on a path to attain a green finance loan portfolio totaling Rs. 3 lakh Crore by the fiscal year 2030.

REC Limited has also sanctioned debt funding of over Rs. 3,081 Crore to Serentica Renewables’ 560 MW peak greenfield solar-wind hybrid project at Gadag, Karnataka. The documentation has already been inked and disbursement of funds is also in advance stages.

REC Limited, a Maharatna company, has emerged as a frontrunner in catalyzing India’s energy transition in alignment with the nation’s COP26 commitments and recent G20 pledges. With a resolute vision and unwavering commitment, REC is on a trajectory to achieve a green finance loan book of Rs. 3 lakh Crore by the fiscal year 2030.

Mr. Vivek Kumar Dewangan, CMD at REC Limited, stated, “We are 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.”

REC has also diversified into non-power Infrastructure & Logistics sector to cover areas such as airports, metro, railways, ports, bridges, etc.