State-run REC Ltd said on Wednesday it has signed memorandums of understanding (MoU) with renewable energy developers for projects cumulatively valued at about ₹1.12 lakh crore, which will be implemented over the next five years.
The MoUs were inked at the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024), in Gandhinagar, organised by the Ministry of New and Renewable Energy (MNRE) in partnership with CII.
The MoUs cover solar and wind hybrid projects, solar and wind round-the-clock (RTC) projects, firm and despatchable RE (FDRE) power, floating solar plants, ultra mega renewable energy park, hydroelectric power project, battery energy storage systems (BESS), pumped storage, hydropower, green ammonia/hydrogen, solar cell/module manufacturing, and other innovative technologies. Discussions are also underway for financing green energy corridors, wind turbine manufacturing, and EV ecosystem including associated charging infrastructure.
REC is also open to considering renewable projects by developers for the commercial and industrial segment.
The government-controlled non-banking financial company (NBFC) intends to be a key player in the country’s targeted increase in installation of renewable power generation capacity from 200 GW to 500 GW by 2030.
REC has undertaken a financial commitment to increase its renewables loan book to over ₹3 lakh crore by 2030.