REC Ltd Commits Rs 2.5 Lakh Crore to Renewable Energy by 2030

By siliconindia | Saturday, 10 May 2025, 02:12 Hrs

In-Short:

· REC Limited plans to invest Rs 2.5 lakh crore in renewable energy expected by 2030. By aligning with India’s target of 500 GW non-fossil fuel capacity overs Rs 3 lakh crore of its expanded Rs 10 lakh crore loan book will be earmarked for green energy projects.

· REC is the nodal agency for the PM Surya Ghar Yojana which is aiming to install rooftop solar systems in 1 crore homes. So far, 51 lakh applications have been received and 12 lakh installations completed.

· REC has improved asset quality, reducing bad loans from 0.86 percent to 0.38 percent and is targeting zero non-performing assets in the current fiscal year.

State-run lender REC Limited has pledged a massive Rs 2.5 lakh crore investment into India's renewable energy sector by 2030. By supporting the nation’s broader climate goal of installing 500 GW of non-fossil fuel capacity within the same period.

As of March 31, 2025, REC has invested Rs 53,000 crore in renewable projects from its total loan book of Rs 5.67 lakh crore. The company now focuses to expand its loan book to Rs 10 lakh crore, which is allocating Rs 3 lakh crore specifically to renewables.

REC Chairman and Managing Director Jitendra Srivastava stated that green energy will be a primary area of focus for the company in the next six years. This push comes amid growing energy demands and climate commitments.

India currently owns 220 GW of renewable energy capacity, including 106 GW from solar,50 GW from wind and 48 GW from large hydro projects. To reach the 2030 target the country must add about 50 GW every year. Therefore, its necessitating strong financial backing support REC intends to lead.

The company has also been appointed the implementing agency for the government’s PM Surya Ghar Yojana, which promotes rooftop solar adoption in 1 crore homes. Therefore, 51 lakh applications have been received and 12 lakh installations are fulfilled.

Chairman Srivastava also marked REC's improved asset quality. The company has cut non-performing assets (NPAs) from 0.86 percent to 0.38 percent with the ambitious target of achieving zero NPAs in the current financial year.