REC approves over $1.1 billion in debt funding for solar-wind, pumped storage projects

The state-owned power finance company has approved a debt funding of INR 6,075 crore (around $731 million) to Greenko’s 1.44 GW pumped storage project and over INR 3,081 crore ($371 million) to Serentica Renewables’ 560 MW solar-wind hybrid project.

September 18, 2023 Uma Gupta

Vivek Kumar Dewangan, CMD at REC Limited

REC Ltd

REC Ltd has sanctioned a debt funding of INR 9,156 crore for pumped storage and solar-wind projects in India. The state-owned power finance company has approved INR 6,075 crore to Greenko for the erection of a 1.44 GW standalone pumped storage project. It is also in advanced discussions with Greenko for financial support to its multiple clean energy projects.

REC Ltd has also sanctioned debt funding of over INR 3,081 crore to Serentica Renewables’ 560 MW peak greenfield solar-wind hybrid project at Gadag, Karnataka.

CEA’s National Electricity Plan estimates India’s overall installed renewables capacity to grow around four times by FY2032 (with solar growing seven times, pumped storage 5.5 times, and wind three times) from FY2022 levels. These projections, coupled with global thrust and national commitments under renewables, will not just present a business opportunity for REC but will also allow the company to contribute to nation-building by leading the green financing vertical, stated REC.

Previously, REC hosted the Green Finance Summit in July 2023 on the sidelines of G20, where one-on-one discussions with RE developers were conducted, leading to the signing of Memorandums of Understanding (MoUs) amounting to a total of around INR 2.86 lakh crore.

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