REC has sanctioned Rs 6,075 crore to Greenko for setting up a 1,440 MW standalone pumped storage project (PSP). Further, the NBFC-IFC is also in advanced discussions with the renewables company and is poised to extend financial support for multiple clean energy projects.

CEA’s National Electricity Plan estimates an overall renewable installed capacity growth of around four times by FY32 (around seven times under solar, almost five times under PSP, and nearly three times under wind) from FY2022 levels.

REC is set to work on these projections, even as it aspires to achieve a green finance loan portfolio totaling Rs three lakh crore by the financial year 2030.

Recently, REC hosted the Green Finance Summit in July 2023 on the sidelines of G20, leading to the successful signing of memorandums of understanding (MoUs) amounting to a total of around Rs 2.86 lakh crore.

REC has its steadfast vision on driving India's energy transition while facilitating green financing solutions to usher in an era of sustainable and clean energy.

In a separate move, the power sector lender has also approved over Rs 3,081 crore debt funding to Serentica Renewables' 560 MW peak greenfield solar-wind hybrid project at Gadag, Karnataka. With the documentation inked, the disbursement of funds is in the advanced stage.