REC plans to increase loan book to Rs 10 trillion by 2030

REC Limited, reportedly, is planning to increase its loan book by two-fold to Rs 10 trillion by 2030, including Rs 2.4 trillion for renewable energy projects.

REC’s loan book is Rs 4.35 trillion as of March 31, 2023. Notably, REC plans to raise the share of renewable energy in its loan portfolio to around 25-30 per cent by 2029-30 from the current 6.8 per cent. Apart from solar and wind power projects, the company is looking at financing pumped hydro storage, solar modules manufacturing, and electric vehicle projects. Further, the company is also looking at green hydrogen, green ammonia, and round-the-clock power projects, including renewables bundled with thermal, and ethanol manufacturing. This assumes significance given India’s ambitious target of having 500 GW of renewable energy capacity by 2030.