Infra lender REC signs renewable energy agreements worth $13.4 billion

Indian infrastructure lender REC said on Tuesday it has signed pacts worth about Rs 1.12 trillion ($13.37 billion) with renewable energy developers.

The pacts come as Indian companies look to finance their goal of expanding their renewable energy capacities, with the government aiming to add at least 500 gigawatts of clean energy by 2030 to reduce emissions.

REC said the non-binding memorandum of understandings, signed at an industry conference in the western state of Gujarat, cover projects across sectors including solar, wind, hydroelectric, battery energy and green ammonia.

However, the lender did not mention with which companies it signed the pacts.

REC is targetting to take its renewables loan book to over Rs 3 trillion by 2030, expanding the share of renewables to 30 per cent from 8 per cent currently.