New Delhi: REC Limited has signed non-binding Memorandums of Understanding (MoUs) with renewable energy developers for projects totaling approximately Rs 1.12 lakh crore. These agreements were made during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gujarat.
The projects, to be implemented over the next five years, will focus on various renewable energy technologies, including solar and wind hybrid systems, RTC power, floating solar plants, ultra-mega renewable energy parks, and hydroelectric power. The MoUs also cover advanced energy storage solutions like Battery Energy Storage Systems (BESS) and pumped storage. Additionally, the agreements include initiatives in green ammonia and hydrogen production, solar cell manufacturing, and innovative technologies.
Aligned with India’s goal of expanding non-fossil generation capacity from 200 GW to 500 GW by 2030, REC announced plans to increase its renewables loan book to over Rs 3 lakh crore by 2030. This move aims to boost the share of renewable projects in its portfolio from 8% to 30%, with its total loan book expected to grow to Rs 10 lakh crore by the end of the decade. REC also plans to explore financing opportunities in Green Energy Corridors, wind turbine manufacturing, and the EV ecosystem.
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