REC Limited has secured debt funding of Rs 3,081 crore for Serentica Renewables, enabling the development of a 560 MW greenfield solar-wind hybrid project in Gadag, Karnataka.
Additionally, REC has extended a substantial Rs 6,075 crore loan to Greenko for the establishment of a 1,440 MW Standalone Pumped Storage Project. These financial transactions underline REC’s pivotal role in advancing India’s transition to sustainable and clean energy.
Serentica Renewables India plans to set up 1,500 MW Wind/Solar Hybrid Power projects in Karnataka, Rajasthan & Maharashtra. A large part of capex will be used to deliver close to 600 MW of RTC clean energy to various entities of the Vedanta Group.
On the other hand, Greenko is involved in setting up 18 Power Projects with a total investment committment of Rs 98,546 crore. Of this, 11 are hydel-based power projects and 7 are Solar power projects. The 1,440 MW Pumped Storage Hydel Power Project is being set up by Greenko MP01 IREP Private Limited at a cost of Rs 10,000 crore at Khemla, Neemuch district in Madhya Pradesh.
Recently, REC hosted the Green Finance Summit in July 2023, coinciding with India’s G20 Presidency. During this event, REC conducted productive one-on-one discussions with renewable energy developers, culminating in the signing of Memorandums of Understanding (MoUs) totaling approximately Rs 2.86 lakh crore. These agreements underscore REC’s vital role in facilitating green financing solutions and establishes its position as a key financing partner in India’s journey towards sustainable and clean energy.
Shri Vivek Kumar Dewangan, CMD of REC, expresses pride in the company’s role in India’s path to a sustainable energy future, emphasizing, “Our partnerships and collaborations reflect our commitment to global visions for a cleaner and greener planet.”
Established in 1969, REC Limited is an NBFC specializing in Power Sector Financing and Development throughout India. Over its fifty-four-year history, REC Ltd. has provided financial support across the entire power-sector value chain, including Generation, Transmission & Distribution, and Renewable Energy. Recently, REC has diversified into non-power Infrastructure and Logistics sectors, encompassing areas such as airports, metro systems, railways, ports, bridges, and more.
