REC signs renewable energy MoUs worth Rs 1.12 lakh crore at RE-Invest 2024

Gandhinagar: REC Limited, a Maharatna public sector undertaking (PSU) under the Ministry of Power, has signed Memorandums of Understanding (MoU) during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar with Renewable Energy (RE) developers aggregating to about Rs 1.12 lakh crore which will be implemented over a period of five years, said the PSU in a statement on Wednesday.

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MoUs signed by REC cover RTC, FDRE BESS, PSP, Green Hydrogen projects

The 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. 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,” said the company.

“REC participated in the event and had engaging business discussions with several key stakeholders and leading RE developers. 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. REC has undertaken a financial commitment through ‘Shapath Patra’ of increasing its Renewables loan book to over Rs 3 lakh crore by 2030. This will increase the share of Renewables from current 8 percent to 30 percent by 2030, as REC’s loan book is projected to be of Rs 10 lakh crore by 2030. The Shapath Patra was handed over by REC CMD Shri Vivek Kumar Dewangan, IAS, to Shri Pralhad Joshi, Hon'ble Cabinet Minister of New and Renewable Energy,” said REC in the statement.

“After handing over the Shapath Patra, REC CMD received recognition from the Cabinet Minister, in the presence of the Chief Ministers of Andhra Pradesh, Madhya Pradesh, Rajasthan, Chhattisgarh and Goa, for its significant commitment of financing Rs 3 lakh crore in Renewable Energy projects by 2030,” said the statement.

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