REC Ltd, one of India’s infrastructure financing companies, signed non-binding MoUs with renewable energy developers for projects worth about Rs 1.12 lakh crore.
The MoUs were signed during the 4th Global Renewable Energy Investors Summit & Expo (RE-INVEST 2024) in Gujarat.
These projects, scheduled for implementation over the next five years, cover a wide range of renewable energy initiatives.
This includes solar and wind hybrid systems, round the clock (RTC) power, floating solar plants, ultra-mega renewable energy parks, hydroelectric power, and advanced energy storage solutions such as battery energy storage systems (BESS) and pumped storage.
Apart from this, projects related to green ammonia and hydrogen, solar cell/module manufacturing and other innovative technologies are also part of the MoU.
Held in Gandhinagar, Gujarat, from September 16–18, 2024, the RE-INVEST 2024 event brought together policymakers, investors, business leaders, and government officials to discuss the future of renewable energy.
REC Ltd plans to support the country’s target of increasing non-fossil based generation capacity from 200 GW to 500 GW by 2030.
In line with this, REC announced a “Shapath Patra,”, pledging to grow its renewable loan book to over Rs 3 lakh crore by 2030.
