MUMBAI, 1st APRIL, 2024 (TGN): REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, has been bestowed with the SKOCH ESG Award 2024 in the ‘Renewable Energy Financing’ category. The award recognizes REC’s commitment towards sustainable finance, driving progress towards a greener future. Shri T.S.C. Bosh, Executive Director, REC Limited, received the award in New Delhi.
This accolade underscores REC’s dedication to sustainable financing, paving the way for a greener future and accelerating the transition to renewable energy. REC has emerged as a significant player in India’s clean energy transition, actively contributing to the nation’s sustainable future. Through various initiatives and achievements, REC has committed to numerous sustainable projects and signed various MOUs for green projects.
Furthermore, REC has engaged in one-on-one discussions with various developers of green projects, spanning sectors such as solar, wind, PSPs, E-mobility, RE manufacturing, Green ammonia/hydrogen, and battery storage. Looking ahead, REC anticipates a significant expansion in its renewable energy portfolio, with projections indicating growth to 10 times its present value, reaching more than Rs. 3 lac crore by 2030, representing approximately 30% of its AUM.
The SKOCH ESG Awards recognize organizations that demonstrate outstanding performance in Environmental, Social, and Governance (ESG) practices. The SKOCH ESG Award and Assessment serve as an important benchmark for evaluating organizations’ commitment to India 2047. It focuses on the interplay between sustainable investments and processes to shape a sustainable and growing business future.
About REC Limited –
REC is a ‘Maharatna’ CPSE under the Ministry of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pumped Storage projects, Green Hydrogen, Green Ammonia projects etc. Recently, REC has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. REC Ltd. provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Ltd. continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been a nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of PM Surya Ghar Muft Bijli Yojna from Central Government. The loan book of REC stands at Rs 4.97 Lakh Crore and Net Worth at Rs. 64,787 crores as on 31st Dec, 2023.Ends/TGN
