REC Limited has been designated as the main executor for the rooftop solar initiative by the Ministry of New and Renewable Energy. As part of its responsibilities, REC is not only assigned as the primary agency for implementing the entire programme but also entrusted with the vital task of collaborating with diverse stakeholders. The ambitious initiative for rooftop solar envisions reaching a combined capacity of 40,000 MW through the installation of rooftop solar panels by 2026.
Recently, in January 2024, REC Limited declared a successful fundraising of approximately Rs 35 billion through the green bonds’ issuance.
In December 2023, in accordance with the government’s Revamped Distribution Sector Scheme, REC Limited and KfW inked a $215 million financing agreement to improve the distribution infrastructure of distribution companies.
In October 2023, REC Limited signed agreements to fund two green hydrogen and thermal power projects in Odisha. In the same month, Avaada Group signed a MoU with REC Limited for financing its energy transition projects in Odisha.