REC inks MoUs worth Rs 1.12 lakh crore with RE developers

In a regulatory filing made after market hours yesterday, the company informed that it had participated at the '4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024)' that was held this month at Gandhinagar, Gujarat.

RE-Invest is a global event which brings together Government Officials, industry leaders, investors, researchers, and policymakers.

REC said that it had participated in the event and had engaging business discussions with several key stakeholders and leading RE developers.

The company 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.

Accordingly, REC has undertaken a non-binding financial commitment of increasing its renewables loan book to over Rs 3 lakh crore by 2030.

This will increase the share of renewables from current 8% to 30% by 2030, with REC's loan book projected to be of Rs 10 lakh crore by 2030.

At the RE-INVEST 2024, REC has signed non-binding Memorandum of Understandings (MoUs) with RE developers aggregating about ₹ 1.12 lakh crore which will be implemented over a period of 5 years.

These MoUs cover projects based on solar and wind hybrid projects, solar and wind round the clock (RTC) project, 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.

'Discussions are also underway for financing of Green Energy Corridors, Wind Turbine manufacturing, EV Ecosystem including associated charging infrastructure. Further, REC is also open to consider renewable projects by developers for the C&I segment having top rated offtakers,' the company said in a statement.

REC is a government-owned infrastructure finance company in India. They fund projects in power (including new technologies) and non-power sectors (roads, metro, IT, etc.) for both government and private companies.

The scrip rose 0.74% to currently trade at Rs 547.60 on the BSE.