REC and PNB partner for co-financing Rs 550 billion infrastructure debts

A MoU has been signed between REC Limited and the Punjab National Bank to look together for the possibility of financing projects in the infrastructure and logistics sector and power sector as a part of consortium arrangement. Over the next three years, REC and PNB will work together to co-finance funds equaling Rs 550 billion.

Recently in September 2023, Serentica Renewables successfully secured Rs 30 billion from REC Limited in debt funding. The assistance from REC Limited would help Serentica Renewables in the development of its upcoming hybrid clean energy projects.

In the same month, REC Limited extended Rs 60.75 billion to Greenko for development of 1,440 MW standalone pumped storage projects. A number of clean energy projects would also receive financial support from REC Limited and are currently in discussions with Greenko.