REC Financial News

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 world.» Over the last few years, Apraava has diversified into newer areas of the energy value chain such as transmission and advanced metering that will support the acceleration of the transition to a greener economy in India.

REC Q1 Results: REC (formerly Rural Electrification Corporation) announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on July 26, reporting a growth of 21 per cent in consolidated net profit at ₹2,968.05 crore, compared to ₹2,454.16 crore in the corresponding period last year.

PMI Electro Mobility on Saturday said it has signed an agreement with public-sector enterprise REC Limited to provide finance for its commercial EVs. PMI Electro Mobility MD Satish Jain said the signing of the memorandum of understanding (MoU) took place during the "Green Finance" Summit organised by REC Limited (formerly Rural Electrification Corporation) on the sidelines of the Clean Energy Ministerial and Energy Transition Working Group Ministerial meeting, which culminated on Saturday.

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.

₹4,000-crore loan from state-owned REC Ltd for its green hydrogen and ammonia project in Oman. The amount will be used to commence the first phase of the project, to be established at the Special Economic Zone (SEZ) in Duqm, Oman, the company said in a statement. Once the first phase is ready, about 100,000 tonne of green ammonia is expected to be produced per annum initially, which will subsequently go up to 1.2 million tonne a year.

ACME Group on Friday said it has tied up a Rs 4,000-crore loan from state-owned REC Ltd for its green hydrogen and ammonia project in Oman. The amount will be used to commence the first phase of the project, to be established at the Special Economic Zone (SEZ) in Duqm, Oman, a company statement said. Once the first phase is ready, about 100,000 tonnes of green ammonia is expected to be produced per annum initially, which will subsequently go up to 1.2 million tonnes a year.

REC, a subsidiary of Power Finance Corp., plans to expand its lending in the renewable energy space to Rs 2.4 lakh crore by 2030, says its director-technical, VK Singh. While land and grid availability can be challenging for developing new green energy projects, policies of the government and support from states have been encouraging, he tells Shilpy Sinha. Edited excerpts:The renewables space has been gathering pace. How is REC positioned considering India's target of achieving 500 GW capacity by 2030? India is at 175 GW and needs to add 325 GW by 2030.

LONDON (Reuters) — Pay pressures in Britain's labour market cooled further in June, according to a survey of recruiters published on Monday that could help ease some of the Bank of England's (BoE) concerns about inflation pressure.

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.

New Delhi: HPCL Rajasthan Refinery Limited (HRRL) on Tuesday secured a significant financial boost for its upcoming project in Barmer, Rajasthan, as the Rural Electrification Corporation Limited (REC) extended a loan of ₹4,785 crore.  “HPCL Rajasthan Refinery Limited (HRRL) executed a loan agreement on 4 July 2023 under a consortium arrangement for Rs.48,625 crore wherein the share of state-run REC Ltd is ₹4,785 crore," the company said in a press release. HRRL, a joint venture between HPCL and Rajasthan government, aims to establish a state-of-the-art greenfield refinery cum petrochemical complex in Barmer district with an estimated project cost of ₹72,937 crore.