REC Limited, a Maharatna company, has approved debt funding exceeding Rs 3,081 crore for Serentica Renewables. This funding will support a 560 MW peak greenfield solar-wind hybrid project in Gadag, Karnataka. The necessary documentation has been finalised, and fund disbursement is in the advanced stages. This move aligns with India’s commitments at COP26 and recent pledges made at the G20 to accelerate the transition to renewable energy.
REC Limited has set ambitious goals, aiming to achieve a green finance loan book of Rs. 3 lakh crore by 2030. Vivek Kumar Dewangan, CMD at REC Limited, expressed pride in contributing to India’s sustainable energy future. He emphasized REC’s commitment to align with global efforts for a cleaner and greener planet. REC envisions itself as a leading financing partner in India’s energy transition, contributing significantly to the global mission of ‘one world, one family, one future,’ as outlined by the G20.
As India and the global community advance towards cleaner energy solutions, REC Limited remains a crucial player in India’s energy transition.