REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC has been honoured with the SKOCH ESG Award 2024 in the ‘Renewable Energy Financing category. This recognition underscores REC’s unwavering commitment to sustainable financing practices, which are instrumental in advancing towards a greener future and accelerating the transition to renewable energy sources. The award was bestowed upon Shri T.S.C. Bosh, Executive Director of REC Limited, in New Delhi.
REC has emerged as a significant contributor to India’s clean energy transition, actively promoting initiatives aimed at ensuring a sustainable future for the nation. The company has initiated numerous sustainable projects and forged various MOUs for green initiatives. Additionally, REC has engaged in extensive discussions with developers involved in green projects across various sectors, including solar, wind, Pumped Storage Projects, E-mobility, RE manufacturing, green ammonia, green hydrogen, and battery storage.
Looking ahead, REC anticipates a substantial expansion of its renewable energy portfolio, with projections indicating a growth of up to ten times its current value, reaching over Rs. 3 lakh crores by 2030, constituting approximately 30% of its Assets Under Management.
The SKOCH ESG Awards recognize organizations demonstrating outstanding performance in Environmental, Social, and Governance (ESG) practices. These awards and assessments serve as crucial benchmarks for evaluating organizations’ dedication to India 2047, emphasizing the pivotal role of sustainable investments and processes in shaping a sustainable and prosperous business landscape.
About REC Limited:
REC is a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power, registered with RBI as a Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). REC provides financial support to the entire Power-Infrastructure sector, encompassing Generation, Transmission, Distribution, Renewable Energy, and emerging technologies such as Electric Vehicles, Battery Storage, Pumped Storage Projects, Green Hydrogen, and Green Ammonia projects. Additionally, REC has diversified into the Non-Power Infrastructure sector, covering Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institutions, Hospitals), Ports, and Electro-Mechanical (E&M) works in various other sectors such as Steel and Refinery.
REC Ltd. extends loans of various maturities to State, Central, and Private Companies for the development of infrastructure assets in the country. The company continues to play a pivotal role in the Government’s flagship schemes for the power sector and has been a key player in initiatives like Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), and the National Electricity Fund (NEF) Scheme, which have significantly strengthened the last-mile distribution system, achieved 100% village electrification, and facilitated household electrification across the country. REC has also been designated as the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). As of December 31, 2023, REC’s loan book stands at Rs 4.97 Lakh Crores, with a Net Worth of Rs. 64,787 crores.
