REC signs MoU with RE developers for Rs 1.12 trillion during 4th RE-INVEST

  • Industry News
  • Sep 18,24
This will increase the share of Renewables from current 8% to 30% by 2030, as REC’s loan book is projected to be of Rs 10 trillion by 2030.
REC signs MoU with RE developers for Rs 1.12 trillion during 4th RE-INVEST

REC Limited, a Maharatna CPSU under the Ministry of Power and a leading NBFC, has signed Memorandum of Understanding (MoU) during 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar with RE developers aggregating about Rs 1.12 trillion which will be implemented over a period of 5 years.

The MoUs cover projects based on solar and wind hybrid projects, solar and wind Round the Clock (RTC) project, Firm and Dispatchable RE (FDRE) power, floating solar plants, ultra mega renewable energy park, hydroelectric power project, Battery Energy Storage Systems (BESS), pumped storage, hydropower, green ammonia/hydrogen, solar cell/module manufacturing and other innovative technologies. Discussions are also underway for financing of Green Energy Corridors, Wind Turbine manufacturing, EV Ecosystem including associated charging infrastructure. Further, REC is also open to consider renewable projects by developers for the C&I segment having top rated offtakers.

REC participated in the event and had engaging business discussions with several key stakeholders and leading RE developers. REC intends to be a key player in the country's journey of installed non fossil based generation capacity from 200 GW to 500 GW by 2030. REC has undertaken a financial commitment through ‘Shapath Patra’ of increasing its renewables loan book to over Rs 3 trillion by 2030. This will increase the share of renewables from current 8% to 30% by 2030, as REC’s loan book is projected to be of Rs 10 trillion by 2030. The Shapath Patra was handed over by REC CMD Shri Vivek Kumar Dewangan, IAS, to Shri Pralhad Joshi, Hon'ble Cabinet Minister of New and Renewable Energy.

After handing over the Shapath Patra, CMD, REC received recognition from the Cabinet Minister in the presence of the Chief Ministers of Andhra Pradesh, Madhya Pradesh, Rajasthan, Chhattisgarh and Goa for its significant commitment of financing Rs 3 trillion in renewable energy projects by 2030.

Related Stories

Electrical & Electronics
SolarfiX India and Japan’s Kanemasa partner for 10 GW solar module manufacturing

SolarfiX India and Japan’s Kanemasa partner for 10 GW solar module manufacturing

Under the pact, Kanemasa will serve as the technology partner, providing expertise and advanced solutions for SolarfiX’s ambitious expansion plan.

Read more
Electrical & Electronics
Adani and Google to collaborate on clean energy in India

Adani and Google to collaborate on clean energy in India

With proven capabilities in delivering large scale wind, solar, hybrid and energy storage projects, Adani is well-positioned to provide customised renewable energy solutions to commercial and indust..

Read more
Electrical & Electronics
Sun-powered success

Sun-powered success

The intermittency of solar and wind energy poses another challenge, as large volumes of renewable energy must be integrated into the grid.

Read more

Related Products

78 Series Din Rail Terminal Blocks

ELECTRICAL & ELECTRONIC EQUIPMENT

Werner Electric Private Limited offers a wide range of 78 series din rail terminal blocks.

Read more

Request a Quote

Mig Welding Torches

ELECTRICAL & ELECTRONIC EQUIPMENT

ATE Welding Engineering Robotics & Automation offers MIG welding torches. Read more

Request a Quote

Puma Lift Electric Stacker

ELECTRICAL & ELECTRONIC EQUIPMENT

Puma Lift Trucks Pvt Ltd offers a wide range of puma lift electric stacker.

Read more

Request a Quote

Hi There!

Now get regular updates from IPF Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Industrial News on Whatsapp! Enjoy

+91 84228 74016

Reach out to us

Call us at +91 8108603000 or

Schedule a Call Back