REC signs non-binding MoUs with renewable energy companies for projects of Rs 1.12 lakh crores

New Delhi [India], September 18 (ANI): REC Limited, one of India’s infrastructure financing companies, signed non-binding Memorandums of Understandings (MoUs) with renewable energy developers for projects worth approximately Rs 1.12 lakh crore.

The MoUs were signed on the sidelines of the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gujarat

The company stated that these projects, slated for implementation over the next five years, cover a broad range of renewable energy initiatives, including solar and wind hybrid systems, Round the Clock (RTC) power, floating solar plants, ultra-mega renewable energy parks, hydroelectric power, and advanced energy storage solutions like Battery Energy Storage Systems (BESS) and pumped storage.

“At the RE-INVEST 2024, REC has signed non-binding Memorandum of Understandings (MoUs) with RE developers aggregating about Rs 1.12 lakh crore which will be implemented over a period of 5 years,” said the company in a statement on Wednesday.

Additionally, projects for green ammonia and hydrogen, solar cell/module manufacturing, and other innovative technologies are part of the MoUs.

The RE-INVEST 2024 event, held from September 16 to 18, 2024, in Gandhinagar, Gujarat, gathered government officials, industry leaders, investors, and policymakers to discuss the future of renewable energy.

The company plans to support the country’s goal of increasing non-fossil-based generation capacity from 200 GW to 500 GW by 2030. In line with this, REC announced a “Shapath Patra,” pledging to grow its renewables loan book to over Rs 3 lakh crore by 2030.

This will raise the share of renewable projects in its portfolio from 8 per cent to 30 per cent, with REC’s total loan book expected to expand to Rs 10 lakh crore by 2030.

“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 non-binding financial commitment “Shapath Patra” of increasing its Renewables loan book to over Rs 3 lakh crore by 2030″ the company added.

Furthermore, REC is exploring opportunities in financing Green Energy Corridors, wind turbine manufacturing, and the electric vehicle (EV) ecosystem, including charging infrastructure. It is also open to financing renewable projects in the Commercial & Industrial (C&I) segment with high-rated offtakers.