REC extends Rs. 6,075 crore loan to Greenko for setting up 1,440 MW Pumped Storage Project

IAS Prelims 2023

azadi ka amrit mahotsav

REC Limited has sanctioned Rs. 6,075 Crore loan to renewable energy company Greenko for setting up 1,440 MW Standalone Pumped Storage Project.

The country’s premier NBFC-IFC is also in advanced discussions with Greenko and is poised to extend financial support for multiple clean energy projects. The National Electricity Plan of the Central Electricity Authority estimates an overall Renewable installed capacity growth of around 4 times between FY 2022 and FY 2032 (~7 times under Solar, ~5.5 times under Pumped Storage Project, ~3 times under Wind). These projections, coupled with global thrust and national commitments under Renewables, will not just present a business opportunity for REC but will also allow the company to contribute to nation building by leading the green financing vertical.

Previously, REC hosted the Green Finance Summit in July 2023 on the sidelines of India’s G20 Presidency, where one-on-one discussions with RE developers were conducted, leading to the successful signing of Memorandums of Understanding (MoUs) amounting to a total of around Rs. 2.86 lakh Crore. These milestone agreements reflect REC’s pivotal role in facilitating green financing solutions and strengthens its position as a key financing partner for India’s transition to sustainable and clean energy.

REC Limited, a Maharatna corporation, has positioned itself as a leader in driving India’s energy transition, harmonizing its efforts with the country’s COP26 obligations and recent G20 undertakings. With a steadfast vision and unyielding dedication, REC is firmly set on a path to attain a green finance loan portfolio totaling Rs. 3 lakh Crore by the fiscal year 2030.

REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Ltd. has completed over fifty-four years in the area of its operations. It provides financial assistance to the complete power-sector value chain; for various types of projects including Generation, Transmission & Distribution and Renewable Energy. Recently, REC has also diversified into non-power Infrastructure and Logistics sector, to cover areas such as airports, metro, railways, ports, bridges, etc.


PIB DELHI | Alok / Dheep

Source PIB