REC to provide about Rs 2.5 lakh cr finance for renewable energy projects till 2030
New Delhi: State-owned non-banking finance firm REC Ltd will increase its exposure to renewable energy projects by about ₹2.5 lakh crore in next six years to aid India's target of having 500 GW of non-fossil fuel energy by 2030. REC currently has an exposure of about ₹53,000 crore in renewable energy projects with a total loan book of ₹5.67 lakh crore as on March 31, 2025.
The company has planned to achieve a loan book of ₹10 lakh crore including ₹3 lakh crore exposure in renewable energy project by 2030.
Renewable energy is a key area where the company will focus in the coming six years in view of nation's ambitious target of having 500 GW renewable energy by 2030.
Talking to PTI, REC Chairman and Managing Director Jitendra Srivastava said, "Currently, our loan book stands at around 5.67 lakh crore. and we are trying to aim for a loan book of 10 lakh crore by 2030. Out of this, we would like to see the renewable sector touching around 3 lakh crore, which is currently around ₹52,000 crore to ₹53,000 crore. So we are hopeful. We would like to push the sector."
He said the company will be fairly aggressive in the renewable energy sector.
India's installed renewable energy capacity is about 220 GW as of March 31, 2025, which includes around 48 GW large hydro power project, over 50 GW wind energy and about 106 GW solar projects.
India needs to add 50 GW of renewable energy capacity per annum till 2030 to achieve the target of 500 GW.
Thus the nation needs a lot of investment and finance facility to achieving this tall order.
The government has appointed REC as the nodal agency for implementing roof-top solar scheme '
PM Surya Ghar Yojana
'.
About the progress on the scheme, Srivastava said, "We have a target of 1 crore households for PM Surya Ghar Yojana, out of which 51 lakh applications have come in. Out of this, 12 lakh people have already received it and we are trying to complete our target of 1 crore households in next two years."
About reducing the net credit impaired assets or bad loans, he stated that the company is targeting zero bad loans this fiscal, which has already been brought down to 0.38 per cent from 0.86 per cent a year ago.
He also informed that there are 12 cases of bad loans and the company is working on them.
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