REC Ltd's Bold Leap Towards Renewable Energy Revolution
REC Ltd plans to significantly boost its investment in renewable energy projects by Rs 2.5 lakh crore over the next six years, supporting India's goal of 500 GW renewable energy by 2030. The company aims to expand its loan book to Rs 10 lakh crore, with Rs 3 lakh crore dedicated to renewable energy.
- Country:
- India
State-owned financial firm REC Ltd is set to amplify its investment in renewable energy projects, boosting its commitment by around Rs 2.5 lakh crore in the next six years. This move supports India's ambitious target of achieving 500 GW of renewable energy capacity by 2030.
Currently, REC Ltd's loan book stands at Rs 5.67 lakh crore, with Rs 53,000 crore allocated to renewable energy projects. The company aspires to expand this to Rs 10 lakh crore by 2030, dedicating Rs 3 lakh crore solely to renewable initiatives. REC aims to aggressively push the renewable energy sector, aligning with national goals.
India's current renewable energy capacity is 220 GW, necessitating an annual addition of 50 GW to meet the 2030 target. The government has designated REC as the nodal agency for the 'PM Surya Ghar Yojana', targeting solar installations in one crore households, with over 51 lakh applications received. REC is also focusing on reducing bad loans, currently at 0.38%.
(With inputs from agencies.)
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