REC Ltd, a non-banking finance company under the Ministry of Power, has signed a Memorandum of Understanding (MoU) with the National Investment and Infrastructure Fund Ltd (NIIFL) to collaborate on a suite of funding solutions for renewable energy projects as well as large-scale infrastructure projects in India.
REC finances the entire power infrastructure sector comprising generation, transmission, distribution, renewable energy, and new technologies like electric vehicles, battery storage, pumped storage, green hydrogen, and green ammonia projects. More recently, it has also diversified into the non-power infrastructure sector. It provides loans of various maturities to state, central, and private companies for the creation of infrastructure assets in the country.
REC Ltd continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been the nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. It has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of Pradhan Mantri Suryodaya Yojana from Central Government.
The loan book of REC stands at INR 4.97 lakh crore and net worth at INR 64,787 crore on Dec. 31, 2023.
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