REC clears Rs 6,075 cr loan to Greenko, Rs 3,081 cr to Serentica Renewables

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State-run REC Ltd has sanctioned a Rs 6,075-crore loan to renewable energy company Greenko for setting up a 1,440-MW standalone pumped storage project.


REC has also sanctioned debt funding of more than Rs 3,081 crore to renewable energy company Serentica Renewables for its 560 MW peak greenfield solar-wind hybrid project in the Gadag district of Karnataka.


The REC is on a trajectory to achieve a green finance loan book of Rs 3 lakh Crore by the fiscal year 2030, a statement said.


REC is an NBFC focusing on power sector financing and development across India. It provides financial assistance to the complete power-sector value chain, for various types of projects including generation, transmission & distribution and renewable energy.


REC has also diversified into non-power infrastructure and logistics sector, to cover areas such as airports, metro, railways, ports, bridges, etc.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sep 16 2023 | 8:39 PM IST