REC Limited has extended Rs 60.75 billion to Greenko for development of 1,440 MW standalone pumped storage projects (PSPs). A number of clean energy projects will also receive financial support from REC Limited and are currently in discussions with Greenko. Between FY 2022 and 2032, according to the Central Electricity Authority’s national electricity plan, the installed renewable energy capacity is expected to increase by almost four times overall, including seven, five and a half, and three times from, solar, pumped storage, and wind, respectively.
In addition to providing REC with a financial opportunity, these projections, along with the global push and national commitments under renewables, will also enable the organisation to lead the green financing sector and aid in nation-building.
Recently, in September 2023, REC Limited announced its commitment to boost its current green project’s loan portfolio by more than ten times, equaling Rs 3,000 billion by 2030 to strengthen its position in clean energy focused initiatives.
In August 2023, Apraava Energy announced the signing of a MoU with REC Limited and PFC Limited to raise Rs 91.2 billion for its transmission, wind and advanced metering infrastructure projects in India.