REC Limited, a leading non-banking financial corporation focusing on power sector financing and development, has granted a substantial loan of Rs. 6,075 Crore to Greenko, a renewable energy company, for the establishment of a 1,440 MW Standalone Pumped Storage Project. This initiative aligns with India's ambitious goals for renewable energy capacity expansion, as outlined in the National Electricity Plan by the Central Electricity Authority.
REC Limited is further engaged in advanced discussions with Greenko to extend financial support for multiple clean energy projects, showcasing its commitment to facilitating the nation's transition towards sustainable energy sources. The organization's strategic initiatives, such as the Green Finance Summit held in July 2023 during India's G20 Presidency, have been instrumental in fostering agreements with renewable energy developers, amounting to approximately Rs. 2.86 lakh Crore.
Established in 1969, REC Limited has played a pivotal role in the power sector, offering financial assistance across the entire value chain, encompassing generation, transmission, distribution, and renewable energy projects. The corporation has expanded its reach into non-power infrastructure and logistics sectors, contributing to India's development in various domains.
With a strong vision and unwavering dedication, REC Limited aims to achieve a green finance loan portfolio totaling Rs. 3 lakh Crore by the fiscal year 2030, further bolstering its position as a key financing partner for India's journey towards clean and sustainable energy.