REC sanctions Rs 6,075 cr for Greenko’s 1440 MW pumped storage project, ET EnergyWorld

New Delhi: In a significant boost to renewable energy infrastructure in India, state-owned REC Ltd has sanctioned a loan of Rs 6,075 crore to Greenko for constructing a 1440 MW Standalone Pumped Storage Project.

The non-banking financial company and infrastructure finance company (NBFC-IFC) is also in advanced discussions with Greenko for funding multiple clean energy projects. According to the Central Electricity Authority’s (CEA) National Electricity Plan, India aims to increase its overall renewable installed capacity by approximately four times by the fiscal year 2032 compared to FY2022 levels.

These national and global renewable energy commitments offer REC Limited an avenue not only for business expansion but also for contributing to India’s green initiatives.

In July 2023, REC hosted the Green Finance Summit on the sidelines of the G20 meeting. The summit led to the signing of Memorandums of Understanding (MoUs) worth around Rs 2.86 lakh Crore with renewable energy developers. These agreements affirm REC’s significant role in providing green finance solutions and establish it as a crucial player in India’s transition to clean and sustainable energy.

REC Limited aims to achieve a green finance loan portfolio totaling Rs 3 lakh crore by the fiscal year 2030, aligning its goals with India’s COP26 obligations and recent G20 undertakings.

  • Published On Sep 16, 2023 at 04:22 PM IST

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