EC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading Non-Banking Finance Company (NBFC) has been awarded the prestigious SKOCH ESG Award 2024 in the ‘Renewable Energy Financing’ category. The award recognizes REC’s commitment to sustainable financing, facilitating India’s transition to renewable energy and a greener future.
About the Award
The SKOCH ESG Awards recognize organizations that demonstrate outstanding performance in Environmental, Social, and Governance (ESG) practices. The award serves as a benchmark for evaluating organizations’ commitment to India’s vision for 2047, focusing on the interplay between sustainable investments and processes in shaping a sustainable and growing business future.
REC’s Contribution to Clean Energy Transition
REC has emerged as a significant player in India’s clean energy transition, actively contributing to the nation’s sustainable future. The company has committed to numerous sustainable projects and signed various Memoranda of Understanding (MOUs) for green projects. REC has also engaged in one-on-one discussions with developers of green projects across sectors such as solar, wind, Pumped Storage Projects, E-mobility, RE manufacturing, green ammonia and green hydrogen, and battery storage.
Future Projections
Looking ahead, REC anticipates a significant expansion in its renewable energy portfolio. Projections indicate that the portfolio is expected to grow to 10 times its present value, reaching more than Rs. 3 lakh crores by 2030, representing approximately 30% of its Assets Under Management (AUM).
About REC Limited
REC Limited is a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power, registered with the Reserve Bank of India (RBI) as an NBFC and Infrastructure Financing Company (IFC). The company finances the entire Power-Infrastructure sector, including Generation, Transmission, Distribution, Renewable Energy, and new technologies like Electric Vehicles, Battery Storage, Pumped Storage Projects, Green Hydrogen, and Green Ammonia projects.
Diversification
Recently, REC has diversified into the Non-Power Infrastructure sector, comprising 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 like Steel and Refinery.
Role in Government Schemes
REC continues to play a key strategic role in the flagship schemes of the Government for the power sector. It has been a nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGYA), Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY), and the National Electricity Fund (NEF) Scheme, which have strengthened the last-mile distribution system and achieved 100% village and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS).
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