REC Ltd To Provide Rs 3 Lakh Cr In Financing For Renewable Energy Projects By 2030

(MENAFN- KNN India) New Delhi, May 9 (KNN) State-owned non-banking finance company REC Ltd has announced plans to substantially increase its funding for renewable energy projects, targeting a Rs 3 lakh crore exposure by 2030.

REC's broader financial and strategic plan aims to expand its total loan book to Rs 10 lakh crore by 2030, with renewable energy financing expected to account for 30 percent of the projected portfolio.

"Currently, our loan book stands at around 5.67 lakh crore, and we are trying to aim for a loan book of 10 lakh crore by 2030. Out of this, we would like to see the renewable sector touching around 3 lakh crore," REC Chairman and Managing Director Jitendra Srivastava stated in an interview with PTI.

India's renewable energy landscape currently includes approximately 220 GW of installed capacity, comprising 48 GW from large hydropower projects, over 50 GW from wind energy, and about 106 GW from solar installations.

To reach the national target of 500 GW by 2030, the country must add approximately 50 GW of renewable capacity annually, necessitating substantial financial backing.

Beyond its broader financing initiatives, REC has been designated as the nodal agency for implementing the government's rooftop solar program, PM Surya Ghar Yojana.

Srivastava reported that the scheme has received 51 lakh applications against its target of 1 crore households, with 1.2 million installations already completed.

The company aims to fulfill the program's full target within the next two years.

(KNN Bureau)

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