REC Limited has inked a number of Memorandums of Understanding (MoUs) worth Rs 1,120 billion with various renewable energy developers. This took place at the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar. The projects detailed in the MoUs include solar-wind hybrid projects, firm and dispatchable renewable energy (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 others. These are expected to be implemented over 5 years.
Further, possible future projects include green energy corridors, wind turbine manufacturing, and EV charging infrastructure.
Earlier this month, REC signed an MoU with Hygenco Green Energies at the 4th RE-INVEST 2024 in Gandhinagar, Gujarat. The MoU is aimed at financing Hygenco’s green ammonia project established in Gopalpur, Odisha. As per the agreement, REC will invest $280 million in the project.
In July 2024, REC Limited secured JPY 31.96 billion (equivalent to $200 million) in green loan to fund eligible green projects in India. The green loan was the first successful collaboration between an Indian government entity and Deutsche Bank AG’s GIFT City branch.
