State-run REC Ltd has sanctioned a Rs 6,075-crore loan to renewable energy company Greenko for setting up a 1,440-MW standalone pumped storage project. REC has also sanctioned debt funding of more than Rs 3,081 crore to renewable energy company Serentica Renewables for its 560 MW peak greenfield solar-wind hybrid project in the Gadag district of Karnataka.
The REC is on a trajectory to achieve a green finance loan book of Rs 3 lakh Crore by the fiscal year 2030, a statement said.
REC is an NBFC focusing on power sector financing and development across India. It provides financial assistance to the complete power-sector value chain, for various types of projects including generation, transmission & distribution and renewable energy.
REC has also diversified into non-power infrastructure and logistics sector, to cover areas such as airports, metro, railways, ports, bridges, etc.
