Page 4 - Rec

Want to be a one-stop debt solution for renewable energy: REC chairman

'We are targeting a tenfold increase in our renewable energy portfolio to Rs 3 trillion by 2030'

REC clears Rs 6,075 cr loan to Greenko, Rs 3,081 cr to Serentica Renewables

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.

REC signs pact with PFC committing stronger revenue in FY24, FY25

REC has signed an initial pact with PFC committing higher revenue from operations in FY24 and FY25, its CMD Vivek Kumar Dewangan said on Saturday. The memorandum of understanding has been signed as per the DPE (Department of Public Enterprises) Performance Evaluation System for FY24 and FY25 for Central Public Sector Enterprises, Dewangan told PTI. "As per the MoU, REC is committed to improving the revenue from operations from Rs 43,420 crore targeted in FY 2022-23 to Rs 46,935 crore in FY 2023-24 and Rs 56,322 crore in FY 2024-25," he said. The Mou was signed on Friday between Dewangan and Parminder Chopra, CMD of Power Finance Corporation (PFC) in presence of other senior officials from of the companies, in Gurugram. REC, under Ministry of Power, is a leading infrastructure finance company with a net worth of over Rs 57,000 crore as on March 31, 2023. It finances projects in the complete power sector value chain including generation, transmission and distribution. Recently, the

REC gets shareholders' nod to hike overall borrowing limit to Rs 6 trn

State-owned REC Ltd has received shareholders' approval to increase the overall borrowing limit of the company from Rs 4.5 lakh crore to Rs six lakh crore in its 54th annual general meeting held on Wednesday. "All the resolutions as set out in the Notice of 54th AGM, including addendum thereof, have been duly approved & passed by the shareholders with requisite majority," a BSE filing said. The 54th AGM of REC Ltd was held on September 6, 2023. The special resolution to increase the borrowing limit of the REC from Rs 4.5 lakh crore to Rs six lakh crore was listed in the agenda of the AGM. Besides, the shareholders also approved a special resolution for raising funds through private placement of unsecured/secured non-convertible bonds/ debentures up to Rs 1,05,000 crore in one or more tranches till September 5, 2024.

Ashok Leyland, REC: 5 Nifty 500 stocks that can slip 10% from here on

AIA Engineering and Ashok Leyland look weak on the chartk, while shares of IDFC Bank and REC look ripe for an interim correction, indicate charts.

REC says it raised $1.15 billion in August from consortium of six banks

State-owned REC on Wednesday said it raised USD 1.15 billion in August in two tranches from a consortium of six banks. Proceeds of the loans shall be utilized to fund power, infrastructure and logistics sector projects as permitted under the ECB guidelines of the Reserve Bank of India. The funds have been raised under REC's Market Borrowing Programme of Rs 1.20 lakh crore for 2023-24. "Tranche 1 of USD 505 million was raised from Bank of Baroda, Gujarat International Fin Tec-City (GIFT City) IFSC Banking Unit (IBU); Axis Bank, GIFT City IBU and State Bank of India, London Branch on August 3, 2023, while Tranche 2 of USD 645 million was raised from State Bank of India, London Branch; Bank of India, GIFT City IBU; Bank of India, London Branch and HSBC, GIFT City IBU on August 31, 2023," an REC statement said. Both tranches taken together saw an aggregate commitment of USD 550 million from GIFT City IBUs. This is the highest ever commitment to REC from GIFT City IBUs in a single month

Apraava Energy inks pacts with REC, PFC to get Rs 9,120 cr for projects

Energy solution provider Apraava Energy has inked initial pacts with state-owned firms REC Ltd and Power Finance Corporation (PFC) to get finance of Rs 9,120 crore for funding its wind, transmission, and advanced metering projects in the country. The signing of MoUs took place as part of the Green Finance Summit organised by REC on the sidelines of the Green Business Summit Clean Energy Ministerial (CEM) and Energy Transition Working Group (ETWG) Ministerial held on July 21, 2023 in Goa against the backdrop of India's G20 Presidency, a company statement said. Apraava Energy signed the Memorandum of Understanding (MoUs) with REC Ltd and PFC for financial assistance worth Rs 9,120 crore (USD 1.1 billion), the company said. Rajiv Ranjan Mishra, Managing Director, Apraava Energy, said in the statement, "This partnership further strengthens our roadmap to deliver sustainable and integrated growth in the future. We thank REC and PFC for placing their trust in our aspirations for a better

NBFC REC posts 21% increase in Q1 profit, gross NPA falls to 4.44%

As compared to last quarter, the profit has slipped marginally by 1 per cent

REC posts 21% rise in Q1 profit aided by interest income on loan assets

Interest income on loan assets, which accounts for 94.4% of revenue from operations, rose nearly 13% to Rs 10,465 cr

GreenCell Mobility receives Rs 3,000 crore in debt funding from REC

The fund will be used to acquire 3,000 e-buses and support energy storage and charging infrastructure

SJVN inks initial pact with REC to secure Rs 50,000 crore for projects

State-owned SJVN Ltd has inked an initial pact with REC Ltd for securing finance of Rs 50,000 crore for projects of its subsidiaries and joint ventures. REC will provide financial assistance to set up new power generating stations based on conventional and renewable sources of energy, according to a statement on Friday. Besides, REC will assist financially in setting up new technology projects like battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cells storage and manufacturing units for green projects. "SJVN has inked an MoU with REC. REC has agreed to finance the projects of SJVN and its subsidiaries and joint ventures to the extent of Rs 50,000 crore," the statement said. The MoU covers construction of evacuation and transmission projects, and includes strengthening/improvement of existing transmission system. SJVN said the pact with REC will act as a booster for its growth and aims to have 25 GW generation capacity by end of the current decade. With a total proj

REC, Avaada Group sign pact for energy projects worth Rs 20,000 crore

Rural Electrification Corporation (REC) has signed a memorandum of understanding with Avaada Group to fund its energy transition projects worth Rs 20,000 crore. The MoU was signed between REC officials and Avaada Group Chairman Vineet Mittal at the sidelines of the ongoing G20 Clean Energy Ministerial meeting in Goa. Avaada is a leading company in India's renewable energy sector. Mittal said projects, spanning across various states, will be implemented over the next two years. The total projects are worth Rs 20,000 crore. This landmark collaboration with REC symbolises a monumental stride towards India's energy self-sufficiency, he noted. "It exemplifies our staunch commitment to nurturing a sustainable future and propelling India's green energy transition," he added. Mittal said there is a project in Bihar, another in Rajasthan, and also there are projects in Maharashtra, which would be implemented over the next two years. He said that in the coming five years, Avaada is primed

To 'green up' portfolio, REC to sign Rs 2 trn pacts with 20 renewable firms

MoUs part of ongoing deliberations for energy transition under India's G20 Presidency

REC to provide Rs 4,785 cr loan for refinery project in Rajasthan

State-owned REC Ltd on Tuesday said it will provide a loan of Rs 4,785 crore to HRRL's project in Rajasthan. HRRL is a joint venture between Hindustan Petroleum Corporation Ltd (HPCL) and Rajasthan government. HPCL holds 74 per cent equity stake in HRRL. "REC extends Rs 4,785 crore for HPCL Rajasthan Refinery's project in Barmer. HRRL has executed a loan agreement under consortium arrangement for Rs 48,625 crore wherein the share of state-run REC Ltd is Rs 4,785 crore," REC said in a statement. HRRL is setting up a green field refinery cum petrochemical complex, with a capacity of 9 MMTPA at a project cost of Rs 72,937 crore. The project includes setting up of an energy efficient and environment friendly refinery cum petrochemical complex, crude and product storage facilities, township and allied facilities and utilities, a captive power plant for meeting refinery power and steam requirement. It will be producing clean fuels such as BS-VI grade Motor Sprit (MS or Petrol) & BS-VI .

Power sector lender REC set to raise $1 bn via loans to fund infra projects

The state-owned company's fundraising via external commercial borrowing is split in two tranches, with the first expected to close this month amounting to $505 million

REC to provide Rs 3,045 cr finance to Bangalore Metro Rail Corporation

State-owned REC Ltd will provide finance of Rs 3,045 crore to Bangalore Metro Rail Corporation to develop Phase-II project in Bengaluru. REC approved a proposal in this regard at a board meeting held on Saturday, a company statement said. Phase-II project comprises extension of two corridors of Phase-I and establishing 2 new lines from RV Road to Bommasandra and Kalena Agrahara to Nagawara. The project will enhance connectivity and ease traffic in the city. With completion of Phase-II (72.09 km), the combined network of Bangalore Metro will be 114.39 km, with 101 stations. REC is an NBFC focusing on power sector financing and development across India.

REC plans to increase loan book over two-fold to Rs 10 trn by 2030

State-owned non-banking finance firm REC Ltd is planning to increase its loan book over two-fold to Rs 10 lakh crore by 2030, including Rs three lakh crore for renewable energy projects. This assumes significance given India's ambitious target of having 500GW of renewable energy capacity by 2030. REC Ltd's loan book is Rs 4.35 lakh crore as of March 31, 2023. At present, India has a renewable energy capacity of 1,25,692.30MW, excluding 46,850.17 MW of large hydropower. As much as 82,000 MW of renewable energy capacity is under construction, excluding 14,000 MW of hydro projects. India will have to add around 50,000 MW of clean energy capacity every year to meet the target of 500 GW by 2030. Thus finance is an important component of these projects. The REC Ltd will have a loan book of Rs 10 lakh crore by 2030, and 30 per cent of it would come from renewable energy projects, REC Ltd Chairman and Managing Director Vivek Kumar Dewangan said in a media interaction. He told reporters th

Green energy to hold a third of REC's loan portfolio by 2030: CMD

The management also said its growing exposure to green energy sector, non-power sectors, such as infrastructure, logistics and irrigation aided its growth plans

REC net profit grows 33% YoY to Rs 3,065.37 crore in Jan-Mar quarter

State-owned REC Ltd on Wednesday posted a 33 per cent rise in its consolidated net profit to Rs 3,065.37 crore during March FY 2022-23 quarter, on account of higher income. The company had clocked a net profit of Rs 2,301.33 crore during the January-March quarter of FY 2021-22, REC said in a regulatory filing. The company's total income during the fourth quarter rose to Rs 10,254.63 crore from Rs 9,655.99 crore in the year-ago period. Total expenses reduced to Rs 6,353.40 crore as against Rs 6,798.68 crore. For the entire FY23, the net profit was at Rs 11,166.98 crore, up from Rs 10,035.70 crore in FY22. The income also rose to Rs 39,520.16 crore from Rs 39,339.20 crore a year earlier. The company also approved a proposal to incorporate a project specific special purpose vehicles (SPVs), as wholly owned subsidiary companies of REC's arm REC Power Development and Consultancy Limited (RECPDCL) for four interstate transmission projects which are to be implemented through tariff-based

REC Chairman flags off first fleet of electric staff vehicles in Gurugram

REC Chairman and Managing Director Vivek Kumar Dewangan on Thursday flagged off the first fleet of electric staff vehicles in Gurugram. In a path towards a green future, REC Ltd has set a target of replacement of all conventional staff vehicles with electric vehicles by 2024-25, a company statement said. "In a transition to EV mobility, Vivek Kumar Dewangan, Chairman & Managing Director (CMD), REC Limited flagged off the first fleet of Electric Vehicles (EV) on Thursday at REC World Headquarters, Gurgaon," it stated. Dewangan also inaugurated a fast charging station, which is powered by a rooftop 1 MW (approx) solar plant and therefore, the EV fleet will run on green power, contributing to zero pollution. The inauguration of the REC Control Room was also done by Dewangan, which is a single-point service provider for all the requirements of REC employees. It will act as a coordination point among different departments for the employees of the corporation, minimising employees' ...