REC Limited Signs MoUs Worth Rs 1.12 Lakh Crore for Renewable Energy Projects at RE-INVEST 2024
New Delhi [India], September 18: REC Limited, a major infrastructure financing company in India, has signed non-binding Memorandums of Understanding (MoUs) with renewable energy developers for projects valued at approximately Rs 1.12 lakh crore. These agreements were made during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) held in Gujarat.
The projects, set to be implemented over the next five years, include a variety of renewable energy initiatives such as solar and wind hybrid systems, Round the Clock (RTC) power, floating solar plants, ultra-mega renewable energy parks, hydroelectric power, and advanced energy storage solutions like Battery Energy Storage Systems (BESS) and pumped storage.
Additionally, the MoUs cover projects for green ammonia and hydrogen, solar cell/module manufacturing, and other innovative technologies. The RE-INVEST 2024 event, held from September 16 to 18, 2024, in Gandhinagar, Gujarat, brought together government officials, industry leaders, investors, and policymakers to discuss the future of renewable energy.
REC Limited aims to support India’s goal of increasing non-fossil-based generation capacity from 200 GW to 500 GW by 2030. To achieve this, REC announced a ‘Shapath Patra,’ pledging to grow its renewables loan book to over Rs 3 lakh crore by 2030. This will increase the share of renewable projects in its portfolio from 8% to 30%, with REC’s total loan book expected to expand to Rs 10 lakh crore by 2030.
Furthermore, REC is exploring opportunities in financing Green Energy Corridors, wind turbine manufacturing, and the electric vehicle (EV) ecosystem, including charging infrastructure. It is also open to financing renewable projects in the Commercial & Industrial (C&I) segment with high-rated offtakers.
Doubts Revealed
REC Limited -: REC Limited is a company in India that provides money to build big projects like roads, bridges, and power plants.
MoUs -: MoUs stands for Memorandums of Understanding. It’s like a promise between two groups to work together on something.
Rs 1.12 Lakh Crore -: Rs 1.12 Lakh Crore is a very big amount of money. In Indian currency, it means 1.12 trillion rupees.
Renewable Energy -: Renewable energy comes from sources that don’t run out, like the sun (solar) and wind.
RE-INVEST 2024 -: RE-INVEST 2024 is an event where people talk about and plan for renewable energy projects in India.
Gujarat -: Gujarat is a state in India where the RE-INVEST 2024 event took place.
Non-fossil-based generation capacity -: This means making electricity without using coal, oil, or gas. Instead, it uses renewable sources like solar and wind.
500 GW -: 500 GW stands for 500 gigawatts, which is a measure of how much electricity can be produced. It’s a very large amount.
Renewables loan book -: This is the total amount of money REC Limited plans to lend for renewable energy projects.
Rs 3 Lakh Crore -: Rs 3 Lakh Crore is another very big amount of money. It means 3 trillion rupees in Indian currency.
