Rural Electrification Corporation (REC) made a momentous announcement on Saturday that it has allocated a substantial amount of Rs 9,156 crore to support two prominent players in the renewable energy sector, Greenko and Serentica Renewables. These funds are earmarked for strengthening solar-wind hybrid and pumped hydro projects, which are integral components of India’s ambitious drive towards a cleaner energy future.
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In a significant move towards fostering a sustainable energy future, the state-run Rural Electrification Corporation (REC) announced on Saturday that it has sanctioned a substantial sum of Rs 9,156 crore for two leading renewable energy players, Greenko and Serentica Renewables. These funds will be utilized to bolster solar-wind hybrid and pumped hydro projects, playing a pivotal role in India’s ambitious clean energy transition.
Greenko, one of the prominent names in the renewable energy sector, is set to receive a substantial financial boost from REC. REC has sanctioned an impressive Rs 6,075 crore for Greenko’s ambitious 1440 MW standalone pumped storage project (PSP). This project marks a significant step towards enhancing India’s energy storage capabilities, which are crucial for a stable and reliable energy grid.
Furthermore, REC is actively engaging with Greenko on multiple clean energy initiatives, showcasing its commitment to supporting projects that align with global sustainability goals. This partnership underscores the importance of collaboration between the public and private sectors in driving India’s energy transformation.
In addition to its support for Greenko, REC is extending its financial assistance to Serentica Renewables. A substantial debt funding of over Rs 3,081 crore has been sanctioned for Serentica Renewables’ 560 MW peak greenfield solar-wind hybrid project in Gadag, Karnataka. The necessary documentation has already been completed, and the disbursement of funds is in the advanced stages. This financial support underscores the role of REC in enabling the growth of clean energy infrastructure across the country.
Vivek Kumar Dewangan, CMD of REC, expressed pride in the company’s role as a leading financing partner for India’s energy transition. He highlighted the importance of REC’s partnerships and collaborations in driving India’s efforts towards a cleaner and greener planet. The company envisions itself as a key contributor to the global mission of a sustainable future, aligning with the vision outlined by the G20 for “one world, one family, one future.”
This latest development not only underscores India’s commitment to renewable energy but also highlights the critical role that state-run organizations like REC play in advancing the country’s sustainable energy goals. With substantial funding allocated to projects by industry leaders like Greenko and Serentica Renewables, India is well on its way to achieving its renewable energy targets and reducing its carbon footprint.