After the company announced entering into a non-binding financial commitment to increase its renewables loan book to more than Rs 3 lakh crore by 2030, shares of REC Ltd shot up more than 3 per cent to hit an intraday high of Rs 563.25 apiece on the NSE on Wednesday, September 18.
The shares of REC Ltd. opened at Rs 555.00 per share on the Indian bourses. The stock touched a day high level of Rs 563.25 per share on the national stock exchange in the opening hour of the trading session today. The move to day-high level amounted to 3.37 per cent.
Memorandums of Understanding (MoUs) totalling nearly Rs 1.12 lakh crore were signed by REC with renewable energy developers, according to the exchange filing received on September 17. The agreements will be implemented over a period of five years and are non-binding.
Renewable loan book to Rs 3 lakh crore
The state-owned power financing company committed to growing its renewable loan book to more than Rs 3 lakh crore by 2030 by signing a 'Shapath Patra.'
By 2030, the percentage of renewable energy in REC's loan book will rise from 8 per cent to 30 per cent as a result of the signing of the MoUs. With a strategic plan that includes increasing fund allocations for the renewable energy segment, REC projects a loan book of Rs 10 lakh crore by 2030.
The Memorandums of Understanding were inked during the 4th Global Renewable Energy Investors Meet and Expo (RE-INVEST 2024), which is scheduled to take place in Gandhinagar, Gujarat, from September 16–18.
500GW non-fossil power generation
According to the press release, the company intends to play a significant role in helping India meet its 2030 target of increasing installed non-fossil power generation capacity from 200 GW to 500 GW.
JUST IN,
— Grandmaster of Stocks (@AdeptMarket) September 17, 2024
EXTREMELY POSITIVE NEWS FOR #REC & #PFC
Press release says -
REC has signed a massive MOU worth 1,12,000 CR with Renewable Energy developers at RE-INVEST 2024
REC intends to be a key player in the country's journey of installed non fossil based generation… pic.twitter.com/szZ51EYsPK
Solar and wind hybrid projects
Establishing solar and wind hybrid projects, solar and wind round-the-clock (RTC) projects, firm and dispatchable renewable energy (FDRE) projects, floating solar plants, ultra mega renewable energy park, hydroelectric power projects, Battery Energy Storage Systems (BESS), Pumped Storage, Hydropower, Green Ammonia/Hydrogen, Solar Cell/Module Manufacturing, and other such technologies are among the Memorandums of Understanding (MoUs) signed by the state-owned Non-Banking Financial Company (NBFC).
Financing wind turbine manufacturing
The state-owned power sector company announced that talks about financing wind turbine manufacturing, the ecosystem for electric vehicles, and green energy corridors are currently underway. According to the company, it is willing to consider renewable project proposals from developers with top-tier offtakers for the consumer and industrial segments.