REC's Impressive Growth in Renewable Energy Funding Signals Green Financing Success
Key Ideas
- REC Limited has achieved a remarkable 37.3% growth in renewable energy funding, amounting to ₹11,297 crore, showcasing a strong commitment to clean energy projects.
- The company raised $500 million through green bonds, the largest tranche of such bonds in India, reinforcing its position as a prominent player in green financing.
- REC's pivotal role in financing various sectors including renewable energy, electric vehicles, and green hydrogen projects highlights its contribution to advancing sustainable technologies in India.
- As a key partner in government schemes like SAUBHAGAYA and DDUGJY, REC is actively involved in enhancing last-mile distribution systems and achieving 100% village electrification.
REC Limited, a leading NBFC under the Ministry of Power in India, has reported a significant increase in renewable energy funding, with loans worth ₹90,955 crore disbursed in the first half of 2024, marking a 20.10% year-on-year growth. Notably, renewable energy loans saw a substantial surge of 92.68% year-on-year, reaching ₹11,297 crore. The company also successfully raised $500 million through green bonds, underscoring its commitment to financing clean energy projects. REC's contributions extend beyond renewable energy to sectors like electric vehicles, battery storage, and emerging technologies such as green hydrogen and green ammonia projects. The company plays a crucial role in government initiatives like SAUBHAGAYA and DDUGJY, focusing on strengthening the power sector and facilitating village electrification. With a loan book standing at ₹5.30 lakh crore and significant net worth, REC is poised to continue driving the growth of green financing and sustainable energy projects in India.