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REC Limited Wins SKOCH ESG Award 2024 for Renewable Energy Financing

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REC Limited, a prominent player in India’s clean energy transition, has been recognized for its exceptional contribution to sustainable financing with the prestigious SKOCH ESG Award 2024. The award, bestowed in the ‘Renewable Energy Financing’ category, underscores REC’s dedication to fostering a greener future and advancing the nation’s renewable energy agenda. Executive Director of REC Limited, Shri T.S.C. Bosh, received the accolade at a ceremony held in New Delhi, symbolizing the organization’s commitment to sustainable development.

Being designated as a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power and holding registration with the RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC), REC has been instrumental in providing financial support across the entire range of the power-infrastructure sector. From generation to transmission, distribution, and renewable energy, REC has actively supported the development of critical infrastructure projects across the country.

In recent years, REC has significantly expanded its focus on renewable energy projects, recognizing the imperative of transitioning towards cleaner and sustainable energy sources. The organization has undertaken various initiatives and signed numerous Memorandums of Understanding (MOUs) for green projects, encompassing solar, wind, Pumped Storage Projects, E-mobility, RE manufacturing, green ammonia, green hydrogen, and battery storage.

Moreover, REC has actively engaged in meaningful discussions with developers of green projects, fostering collaboration and innovation in sectors crucial for sustainable growth. By facilitating investment and financing for renewable energy initiatives, REC has accelerated the deployment of clean energy technologies, contributing to India’s sustainable future.

The organization aims to increase its renewable energy assets to more than Rs. 3 lakh crores, representing approximately 30% of its Assets Under Management. This ambitious vision underscores REC’s unwavering commitment to driving the transition towards a sustainable and resilient energy future.

About REC Limited:

REC Limited is a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power and is registered with the RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC). With a focus on financing the power infrastructure sector, REC provides loans of various maturities to state, central, and private companies for the creation of critical infrastructure assets in the country.

In addition to its role in the power sector, REC has diversified its portfolio to include non-power infrastructure sectors such as roads, expressways, metro rail, airports, IT communication, social and commercial infrastructure, ports, and electro-mechanical works. The organization continues to play a strategic role in key government schemes aimed at strengthening the power sector infrastructure and achieving universal electrification across the country.

As of December 31st, 2023, REC’s loan book stands at Rs. 4.97 Lakh Crores, with a net worth of Rs. 64,787 crores, reflecting its robust financial position and strategic importance in India’s infrastructure development landscape.

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