REC fuels renewable energy development with $1.35b deals

These include solar and wind hybrid projects.

REC Limited has signed agreements worth $1.35b (INR1.12 lakh crore) with renewable energy developers during RE-INVEST 2024 in Gandhinagar. These projects will be implemented over the next five years.

According to REC, the signed agreements include solar-wind hybrids, round the clock projects, firm and dispatchable RE power, floating solar plants, ultra-mega renewable parks, hydroelectric power, battery energy storage system, pumped storage, hydropower, green ammonia/hydrogen, solar cell/module manufacturing, and other innovative technologies.

There are also talks for financing green energy corridors, wind turbine manufacturing, and electric vehicle ecosystems, including charging infrastructure.

The state-owned company also said it is open to considering renewable projects from developers in the commercial and industrial segment.

REC aims to increase its renewables loan book to $3.6 b (INR3 lakh crore) by 2030, boosting the sector's share from 8% to 30%. This will contribute to India's goal of reaching 500 gigawatts of non-fossil generation capacity by 2030.

$1 = INR83.64