Business
REC extends Rs. 6,075 crore loan to Greenko, Rs 3,081 crore debt to Serentica Renewables
State-owned REC Limited has approved a loan of Rs. 6,075 Crore to renewable energy company Greenko for setting up a 1,440 MW standalone pumped storage project.
REC also sanctioned debt financing of over Rs 3,081 crore to renewable energy company Serentica Renewables for its 560 MW peak solar-wind hybrid project in Gadag district of Karnataka.
Additionally, REC is actively engaged in discussions with Greenko for potential financial support for various other clean energy-related businesses.
The REC is on track to achieve a green finance loan portfolio of Rs 3 lakh Crore by FY 2030, according to a release.
Earlier this year, in July, REC organized the Green Finance Summit on the sidelines of India’s G20 presidency, which resulted in the signing of Memoranda of Understanding (MoUs) worth around Rs. .86 lakh Crore with renewable energy developers.
REC Limited, a Maharatna company, is an NBFC focused on financing and developing the power sector across India. It provides financial assistance to the entire power sector value chain, for various types of projects, including generation, transmission and distribution, as well as renewable energy.
REC has also diversified into the non-energy infrastructure and logistics sector, to cover areas such as airports, metro, railways, ports, bridges, etc.
cnbctv18-forexlive-benzinga
