Rural Electrification eyes Rs10,000 crore renewables lending push

Rural Electrification eyes Rs10,000 crore renewables lending push

Rural Electrification Corp. (REC), a state-owned backer of India’s power sector, plans to lend billions of rupees to clean-energy projects and equipment makers this fiscal year as part of an expanded push into renewables that will also see it issue green bonds overseas.

The non-banking financial company is aiming to triple its clean-energy lending and is expecting to set aside nearly Rs10,000 crore ($1.5 billion) for renewable energy in the financial year ending 31 March, chairman P.V. Ramesh said in an interview.

“We’re not only financing projects but also evacuation infrastructure and have been talking with manufacturers of equipment like wind turbines, solar panels and storage batteries,” Ramesh said in an interview in New Delhi where the lender, which has a loan book of Rs2 trillion, is based. Read More…

 

Credit By : Livemint

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