REC Inks MoUs Worth INR 1.12 Lakh Crore with RE Developers at RE-INVEST 2024
At the recently concluded 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar, Gujarat, REC has signed MoUs with various renewable energy developers totalling investments of about INR 1.12 lakh crore.
September 20, 2024. By Mrinmoy Dey
“These MoUs cover projects based on Solar and Wind hybrid projects, Solar and Wind Round the Clock (RTC) projects, Firm and Dispatchable RE (FDRE) power, Floating Solar Plants, Ultra Mega Renewable Energy park, Hydroelectric Power Project, Battery Energy Storage Systems (BESS), Pumped Storage, Hydropower, Green Ammonia/Hydrogen, Solar Cell/Module Manufacturing and other innovative technologies,” it said.
It further mentioned that discussions are also underway for the financing of Green Energy Corridors, Wind Turbine manufacturing, EV Ecosystem including associated charging infrastructure. Further, REC is also open to considering renewable projects by developers for the C&I segment having top-rated off-takers.
REC intends to be a key player in the country's journey of installed non-fossil-based generation capacity from 200 GW to 500 GW by 2030. In the filing, REC further mentioned, “REC has undertaken a non-binding financial commitment ‘Shapath Patra’ of increasing its renewables loan book to over INR 3 lakh crore by 2030. This will increase the share of Renewables from the current 8 percent to 30 percent by 2030, as REC’s loan book is projected to be of INR 10 lakh crore by 2030.”
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