In line with its growth strategy, the REC board has approved the formation of a joint venture with Bharat Heavy Electricals (BHEL), through REC Power Development and Consultancy, its wholly-owned subsidiary. The 50:50 JV will focus on developing renewable energy and infrastructure projects.

The non-banking financial company plans to enter the nuclear energy sector in the next two to three years, identifying a Rs 10-12 lakh crore lending opportunity. According to Director (Finance), Ajoy Choudhury, the company aims to support public sector undertakings developing nuclear power projects, with a particular focus on small modular reactors (SMRs). 

Simultaneously, REC is increasing its exposure to conventional thermal power, aligning with the government’s revised target to boost thermal capacity from 80 GW to 95 GW by 2031-32 in response to escalating power demand. The company remains a major financier in India’s energy transition and is also the nodal implementing agency for the PM Suryaghar Muft Bijlee Yojana, under which 51 lakh applications have been received so far. 

On the renewable energy front, REC intends to raise its lending share to this sector from 10 percent to 30 percent by 2030, extending support to solar, wind, hydro, and green hydrogen projects. It is also looking to increase financing to private sector entities in the green energy space. The company is targeting to double its assets under management (AUM) to Rs 10 trillion by 2030. It also aims to become a net-zero NPA company by the end of FY26.