REC extends Rs. 6075 Cr to Greenko for setting up 1,440 MW Pumped Storage Project
REC extends Rs. 6075 Cr to Greenko; aligned with nation’s Energy transition commitments through Green Financing
Gurugram, 15 September 2023:REC Limited has sanctioned Rs. 6,075 Crore to Greenko for erection of 1440 MW Standalone Pumped Storage Project.
The country’s premier NBFC-IFC is also in advanced discussions with Greenko and is poised to extend financial support for multiple clean energy projects. CEA’s National Electricity Plan estimates an overall Renewable installed capacity growth of around 4 times by FY2032 (~7 times under Solar, ~5.5 times under PSP, ~3 times under Wind) from FY2022 levels.
These projections coupled with global thrust & national commitments under Renewables will not just present a business opportunity for REC but will also allow the company to contribute to nation building by leading the green financing vertical.
Previously, REC hosted the Green Finance Summit in July 2023 on the side lines of G20, where one-on-one discussions with RE developers were conducted, leading to the successful signing of Memorandums of Understanding (MoUs) amounting to a total of around Rs. 2.86 lakh Crore. These milestone agreements reflect REC’s pivotal role in facilitating green financing solutions and cement its position as a key financing partner for India’s transition to sustainable and clean energy.
REC Limited, a prestigious Maharatna corporation, has positioned itself as a leader in driving India’s energy transition, harmonizing its efforts with the country’s COP26 obligations and recent G20 undertakings. With a steadfast vision and unyielding dedication, REC is firmly set on a path to attain a green finance loan portfolio totaling Rs. 3 lakh Crore by the fiscal year 2030.