New Delhi
REC Limited, an infrastructure financing company in India, has signed non-binding Memorandums of Understandings (MoUs) with renewable energy developers for projects worth about Rs 1.12 lakh crore. These MoUs were signed during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gujarat.
The projects are expected to be implemented over the next five years and include various renewable energy initiatives like solar and wind hybrid systems, Round the Clock (RTC) power, floating solar plants, ultra-mega renewable energy parks, hydroelectric power, and energy storage solutions such as Battery Energy Storage Systems (BESS) and pumped storage.
In addition to these, projects for green ammonia, hydrogen, solar cell/module manufacturing, and other technologies are part of the MoUs. The event, held from September 16 to 18, in Gandhinagar, Gujarat, brought together government officials, industry leaders, investors, and policymakers.
REC aims to support India’s goal of increasing non-fossil generation capacity from 200 GW to 500 GW by 2030. The company has pledged to increase its renewables loan book to over Rs 3 lakh crore by 2030, raising the share of renewable projects in its portfolio to 30 percent. REC’s total loan book is expected to reach Rs 10 lakh crore by 2030.
The company is also exploring opportunities in financing Green Energy Corridors, wind turbine manufacturing, and the electric vehicle (EV) ecosystem, including charging infrastructure.
