Gandhinagar: REC, a government-owned company, announced its commitment to grow its renewable energy loan portfolio to more than Rs 3 lakh crore by the year 2030. The company stated its plan to become a significant contributor in increasing the country's non-fossil-based generation capacity from 200 GW to 500 GW by 2030. REC has pledged to boost its renewable energy loan portfolio to more than Rs 3 lakh crore by 2030 through 'Shapath Patra', with the goal of increasing the renewables share from 8 percent to 30 percent by 2030. This target aligns with the projection of REC's loan book reaching Rs 10 lakh crore by 2030.
REC Chairman and Managing Director Vivek Kumar Dewangan presented the Shapath Patra to Union Minister of New and Renewable Energy Pralhad Joshi. REC Ltd signed agreements worth Rs 1.12 lakh crore with RE developers at RE-INVEST 2024 in Gandhinagar, to be executed over five years. REC stated that the MoUs include agreements for various projects such as solar and wind hybrid projects, solar and wind Round-the-Clock (RTC) project, Firm and Dispatchable RE (FDRE) power, Floating Solar Plants, Hydroelectric Power Project, and other innovative technologies.
Conversations are also taking place regarding the funding of green energy corridors, manufacturing of wind turbines, and the electric vehicle ecosystem including charging infrastructure. Moreover, REC is willing to review renewable projects from developers targeting the commercial and industrial (C&I) sector with high-quality buyers.
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