NEW DELHI : Rural Electrification Company (REC) is about to considerably develop its mortgage guide underneath the renewable vitality (RE) portfolio, aiming for ₹2.4 lakh crore by the monetary yr 2030. REC, a key participant in vitality sector venture financing, has been actively contributing to India’s renewable vitality targets 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 development and improvement, with ₹85,735 crore in sanctions coming from the infrastructure and logistics section. REC has additionally centered on rising its renewable enterprise, securing ₹21,371 crore in sanctions particularly for this section.
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 assist play a vital function 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.
Over time, REC’s sanction within the RE house has witnessed outstanding development, rising from ₹7,034 crore within the fiscal yr 2017-18 to ₹21,317 crore in 2022-23. The corporate’s mortgage guide within the RE house has additionally seen substantial development, rising from ₹7,506 crore in FY 2017-18 to ₹29,073 crore in 2022-23. With these constructive tendencies and strategic measures, REC goals to develop its mortgage guide underneath the Renewable Vitality Portfolio to ₹2.4 lakh crore by the fiscal yr 2030.
REC’s latest launch of the Late Fee 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 decreased to ₹80,000 crore. This discount of 42% in excellent dues inside a yr displays the scheme’s success in incentivizing well timed funds and making the ability sector a lovely funding alternative.
Obtain The Mint Information App to get Each day Market Updates.
Extra
Much less
Up to date: 18 Might 2023, 09:10 PM IST
Supply: Live Mint