REC Limited, a prominent infrastructure financing company in India, has signed non-binding Memorandums of Understanding (MoUs) with renewable energy developers for projects valued at approximately ₹1.12 lakh crore. These agreements were signed during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) held in Gujarat. The projects outlined in these MoUs are set to be implemented over the next five years and encompass a wide array of renewable energy initiatives.
The company stated that the projects will include solar and wind hybrid systems, Round the Clock (RTC) power, floating solar plants, ultra-mega renewable energy parks, hydroelectric power facilities, and advanced energy storage solutions such as Battery Energy Storage Systems (BESS) and pumped storage. Additionally, the agreements cover projects related to green ammonia and hydrogen, solar cell and module manufacturing, and other innovative renewable technologies.
In an official statement, REC said, “At the RE-INVEST 2024, REC has signed non-binding Memorandums of Understanding (MoUs) with renewable energy developers aggregating to about ₹1.12 lakh crore, which will be implemented over a period of 5 years.”
The RE-INVEST 2024 event, held from September 16 to 18 in Gandhinagar, Gujarat, brought together government officials, industry leaders, investors, and policymakers to discuss the future direction of renewable energy in India.
As part of its strategy, REC aims to support India’s ambitious target of expanding non-fossil-based generation capacity from the current 200 GW to 500 GW by 2030. In line with this goal, the company announced a “Shapath Patra” (pledge) to increase its renewables loan portfolio to over ₹3 lakh crore by 2030. This initiative will raise the share of renewable energy projects in its total portfolio from 8% to 30%, with the overall loan book projected to grow to ₹10 lakh crore by the same year.
“REC intends to be a key player in the country’s journey of increasing installed non-fossil-based generation capacity from 200 GW to 500 GW by 2030. Through the ‘Shapath Patra,’ REC has undertaken a non-binding financial commitment to expand its renewables loan book to over ₹3 lakh crore by 2030,” the company added.
Moreover, REC is actively exploring opportunities to finance projects in the Green Energy Corridors, wind turbine manufacturing, and the electric vehicle (EV) ecosystem, including EV charging infrastructure. The company is also considering financing renewable projects within the Commercial & Industrial (C&I) segment, particularly those involving high-rated off-takers. These initiatives reflect REC’s commitment to supporting India’s renewable energy expansion and aligning with the nation’s climate and sustainability goals.
