REC signs renewable energy MoUs worth Rs 1.12 lakh crore at RE-Invest 2024

REC Limited Signs MoUs Worth Rs 1.12 Lakh Crore at RE-INVEST 2024 to Boost Renewable Energy Projects

Gandhinagar: REC Limited, a Maharatna public sector undertaking (PSU) under the Ministry of Power, has made a significant step forward in promoting renewable energy development by signing Memorandums of Understanding (MoUs) during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar. The MoUs, signed with various Renewable Energy (RE) developers, are valued at approximately Rs 1.12 lakh crore and are expected to be implemented over the next five years, according to an official statement by the PSU on Wednesday.

The projects covered under these MoUs include solar and wind hybrid projects, Round-the-Clock (RTC) solar and wind projects, Firm and Dispatchable Renewable Energy (FDRE) power, Floating Solar Plants, Ultra Mega Renewable Energy Parks, Hydroelectric Power Projects, Battery Energy Storage Systems (BESS), Pumped Storage, Hydropower, Green Ammonia/Hydrogen, Solar Cell/Module Manufacturing, and other innovative renewable technologies. Additionally, discussions are underway to finance Green Energy Corridors, Wind Turbine Manufacturing, Electric Vehicle (EV) ecosystems, and related charging infrastructure.

REC is also open to financing renewable projects for the Commercial & Industrial (C&I) segment with top-rated offtakers, demonstrating its commitment to being a key player in India’s ambitious renewable energy transition. The PSU aims to play a vital role in increasing the country’s installed non-fossil-based generation capacity from 200 GW to 500 GW by 2030. Through its financial commitment under the 'Shapath Patra', REC has pledged to increase its renewable energy loan book to over Rs 3 lakh crore by 2030, which would raise the share of renewables in its portfolio from 8% to 30%. By then, the company’s total loan book is projected to grow to Rs 10 lakh crore.

REC CMD, Shri Vivek Kumar Dewangan, IAS, handed over the ‘Shapath Patra’ to Shri Pralhad Joshi, Hon'ble Cabinet Minister of New and Renewable Energy, at the event. The commitment was made in the presence of the Chief Ministers of Andhra Pradesh, Madhya Pradesh, Rajasthan, Chhattisgarh, and Goa. Shri Dewangan received recognition from the Cabinet Minister for REC’s substantial pledge to finance Rs 3 lakh crore in renewable energy projects by 2030.