New Delhi: REC Limited, one of India's premier NBFC-IFCs, has taken a significant step towards supporting the nation's transition to clean energy by sanctioning a substantial Rs 6,075 Crore to Greenko, one of India’s leading Renewable Energy companies, for the construction of a 1440 MW Standalone Pumped Storage Project.

The move aligns with India's commitment to clean energy, as highlighted in the CEA's National Electricity Plan, which estimates an impressive growth in renewable installed capacity by around 4 times by FY2032 compared to FY2022 levels. Specifically, this includes a nearly 7-fold increase in solar capacity, a 5.5-fold increase in pumped storage capacity, and a 3-fold increase in wind energy capacity.

In advanced discussions with Greenko, REC is also preparing to extend its financial support to multiple other clean energy projects. This demonstrates REC's unwavering dedication to promoting green financing solutions and playing a pivotal role in India's journey towards sustainable and clean energy.

Earlier this year, REC hosted the Green Finance Summit alongside the G20, where it engaged in one-on-one discussions with renewable energy developers. These fruitful discussions led to the signing of Memorandums of Understanding (MoUs) totaling an astounding Rs 2.86 lakh Crore. These agreements showcase REC's significance as a key financing partner in India's transition to sustainable and clean energy.

As a prestigious Maharatna corporation, REC Limited has positioned itself as a leader in driving India's energy transition. It has made significant efforts to align with India's COP26 obligations and recent G20 undertakings. With a resolute vision and unwavering dedication, REC aims to build a green finance loan portfolio totaling Rs 3 lakh Crore by the fiscal year 2030.

REC's substantial investment in Greenko's pumped storage project is a significant milestone in India's green energy journey. It not only supports the country's renewable energy goals but also strengthens the role of financial institutions in fostering sustainable development. 

REC Limited's commitment to green financing and its partnership with Greenko highlight the ongoing efforts to accelerate India's transition to sustainable and clean energy. /BI/