REC commits green loan portfolio of Rs 3,000 billion by 2030

In the recent 54th annual general meeting of REC Limited, the company announced its commitment to boost its current green project’s loan portfolio by more than 10 times, equaling Rs 3,000 billion by 2030. This commitment will strengthen REC’s position in clean energy focused initiatives, such as solar, wind, hybrid, and e-mobility projects, as well as other areas like green hydrogen and green ammonia projects, round-the-clock projects involving bundling of renewable energy with thermal power and ethanol production.

The Ministry of Power’s confidence in REC has permitted the company to lend to non-power infrastructure and logistics sectors in order to contribute to the country’s faster development. REC has already approved more than Rs 857 billion for a number of projects, including the metro, ports, airports, oil refineries, highways, steel infrastructure, healthcare facilities, educational institutions, and also sectors of fiber optics, amongst others. This amount represents more than 32 per cent of the company’s total approvals for the previous fiscal year. Regarding the sale of bonds, the company issued bonus shares to shareholders in a 1:3 ratio, raising the issued and paid-up share capital to Rs 26.3 billion.

In July 2023, ACME Group secured funding of Rs 40 billion for its green hydrogen and green ammonia project in Oman from REC Limited to build the facility’s first phase, to be established at the special economic zone in Duqm, Oman.