REC, PNB tie up for lending up to ₹55,000 crore to power, infra projects
₹55,000 crore over next three years, said a statement from REC. The Maharatna NBFC, REC, has diversified its portfolio towards infrastructure and logistics in FY23.
Addressing the company annual general meeting in May, its chairman and managing director (CMD) Vivek Kumar Dewangan had said that the power ministry has allowed the company to finance up to 33% of its outstanding loan book in this sector. “While posing faith in REC, ministry of power has also allowed our company to lend to non-power infrastructure & logistics sector to contribute to the accelerated development of our nation and I ecstatically report that during the first year itself, we have sanctioned more than ₹85,700 crore towards various projects spanning from metro, ports, airports, oil refineries, highways, steel infra to healthcare, educational institutions and also in sectors of IT infra/ fiber optics, etc.
that constitute about 32% of overall sanctions of the company, in the last financial year," he said. REC provides long term loans and other finance products for power-infrastructure sector comprising of generation, transmission, distribution, renewable energy and new technologies like electric vehicles, battery storage, green hydrogen among others.
More recently REC has diversified into the non-power infrastructure sector It loan book is currently above ₹4.54 trillion. Amid the energy transition journey of the country, the company also plans to raise its loans towards green projects.
The NBFC is looking at expanding its loan portfolio for green projects to ₹3 trillion by 2030. The CMD had said that REC would be known for its renewable energy initiatives across solar, wind, hybrid, and e-mobility projects, along with newer spaces like green
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