NEW DELHI: State-owned REC Limited on Saturday announced the sanctioning of a Rs 6,075 crore loan to renewable energy company Greenko for the establishment of a 1,440 MW standalone pumped storage project.
The non-banking financial company and infrastructure finance company (NBFC-IFC), REC Limited also said it is in advanced discussions with Greenko for funding multiple clean energy projects.
The National Electricity Plan of the Central Electricity Authority has forecasted remarkable growth in renewable energy capacity, estimating a four-fold increase between FY 2022 and FY 2032, according to a REC statement. This ambitious projection includes a seven-fold rise in solar energy, a five-and-a-half-fold expansion in pumped storage projects, and a three-fold surge in wind energy. These figures align with global sustainability goals and national commitments to renewables, presenting not only a business opportunity for REC Limited but also an avenue to contribute significantly to the country’s clean energy initiatives.
REC, a Maharatna company, has aligned its efforts with the country’s commitments under COP26 and recent G20 undertakings. With a clear vision and unwavering dedication, REC is on track to achieve a green finance loan portfolio totalling Rs 3 lakh crore by the fiscal year 2030. Meanwhile, the company has sanctioned debt funding of over Rs 3,081 crore to renewable energy company Serentica Renewables for its 560 MW peak greenfield solar-wind hybrid project in the Gadag district of Karnataka.