REC targets green loan portfolio of ₹3 trillion by 2030 | Mint

جدول المحتويات
تاريخ النشر

New Delhi: State-owned REC Ltd is looking at expanding its loan portfolio for green projects to ₹3 trillion by 2030, said its chairman and managing director Vivek Kumar Dewangan.

Addressing the 54th annual general meeting (AGM) of the company, the CMD said that going forward REC would be known for its renewable energy initiatives across solar, wind, hybrid, and e-mobility projects, along with newer spaces like green hydrogen, green ammonia projects, round-the-clock projects and ethanol manufacturing.

PROMOTED
Horse Keeps Sniffing Woman’s Behind – Her Man Takes Her to The Doctor
Handy Tricks
|
Sponsored
Tips to Mentor Remote Employees
Remote Health by SafetyWing
|
Sponsored
After testing COVID ‘negative’, US President Joe Biden attend G20 in India
Live Mint
Bathroom Remodeling Trends in 2023 Might Totally Surprise You
Bathroom Remodeling
|
Sponsored
Multibagger stock declares issuance of 2:1 bonus shares. Details here
Live Mint
These Are The Most Beautiful Women In The World
5mintory.com
|
Sponsored
Bacary Sagna’s wife is probably the most beautiful woman on Earth
bestfamilymag.com
|
Sponsored
Seeing Victoria Principal At 71 Will Leave You Silent
L&C Magazine
|
Sponsored

“REC is committed to increase its present loan portfolio of green projects to the extent of more than ten times by the year 2030 amounting to ₹3 lakh crore” he said.

In another development, the company said that it raised $1.15 billion last month. The loans have been tied up for a 5-year tenor and are benchmarked to Overnight SOFR (Secured Overnight Financing Rate), which is the benchmark rate for the loans denominated in USD.

The proceeds from this facility shall be utilized to fund power, infrastructure and logistics sector projects as permitted under the ECB guidelines of the Reserve Bank of India. The funds have been raised under REC’s Market Borrowing Programme of ₹1.20 lakh crore for the year 2023-24.

The amount has been raised in two tranches from a consortium of six banks.