NEW DELHI : Rural Electrification Company (REC) is ready to considerably broaden its mortgage guide beneath the renewable vitality (RE) portfolio, aiming for ₹2.4 lakh crore by the monetary 12 months 2030. REC, a key participant in vitality sector undertaking financing, has been actively contributing to India’s renewable vitality objectives and has taken numerous initiatives to speed up the implementation of RE tasks within the nation.
The corporate’s foray into the non-power infrastructure sector has been instrumental in its progress and improvement, with ₹85,735 crore in sanctions coming from the infrastructure and logistics phase. REC has additionally centered on rising its renewable enterprise, securing ₹21,371 crore in sanctions particularly for this phase.
The Authorities of India has set an formidable goal of putting in 500 gigawatts (GW) of renewable vitality capability by 2030. REC’s financing initiatives and help play an important position in attaining this goal and driving the transition to scrub vitality sources.
Along with typical photo voltaic and wind tasks, REC has diversified its portfolio by financing hybrid tasks, e-vehicle tasks, pumped storage tasks, photo voltaic module manufacturing, and different rising sectors reminiscent of inexperienced hydrogen, inexperienced ammonia, and round the clock (RTC) energy tasks. These initiatives replicate REC’s dedication to exploring new avenues and staying on the forefront of renewable vitality financing.
Through the years, REC’s sanction within the RE area has witnessed outstanding progress, rising from ₹7,034 crore within the fiscal 12 months 2017-18 to ₹21,317 crore in 2022-23. The corporate’s mortgage guide within the RE area has additionally seen substantial progress, rising from ₹7,506 crore in FY 2017-18 to ₹29,073 crore in 2022-23. With these optimistic developments and strategic measures, REC goals to broaden its mortgage guide beneath the Renewable Power Portfolio to ₹2.4 lakh crore by the fiscal 12 months 2030.
REC’s latest launch of the Late Cost Surcharge (LPS) scheme in June 2022 has yielded vital ends in lowering excellent dues. On the time of its introduction, state utilities owed ₹1.39 lakh crore, a determine that has now been diminished to ₹80,000 crore. This discount of 42% in excellent dues inside a 12 months displays the scheme’s success in incentivizing well timed funds and making the ability sector a pretty funding alternative.
Up to date: 18 Could 2023, 09:10 PM IST