DelhiDesk Rural Electrification Corporation (REC) plans to increase its loan book under renewable energy (RE) to INR 2.4 lakh crore by 2030. The company has been actively involved in supporting India’s renewable energy goals and has diversified its portfolio by financing hybrid projects, e-vehicle projects, pumped storage projects, solar module manufacturing, and other emerging sectors like green hydrogen, green ammonia, and round-the-clock power projects. REC has seen remarkable growth in its sanctions in the RE space, increasing from INR 7,034 crore in the fiscal year 2017-18 to INR 21,317 crore in 2022-23. The Late Payment Surcharge scheme launched by REC in June 2022 has reduced outstanding dues from state utilities from INR 1.39 lakh crore to INR 80,000 crore.
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👉 Rural Electrification Corporation (REC) aims for a loan book of ₹2.4 lakh crore by 2030 under the renewable energy portfolio.
👉 REC has been actively contributing to India’s renewable energy goals and has diversified its portfolio by financing hybrid projects, e-vehicle projects, pumped storage projects, and more.
👉 REC’s sanctions and loan book in the renewable energy space have seen significant growth in recent years.
👉 REC’s Late Payment Surcharge scheme has been successful in reducing outstanding dues in the power sector.
👉 REC plays a crucial role in achieving India’s target of installing 500 GW of renewable energy capacity by 2030.
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