State-run REC Limited, has approved a loan of Rs. 6,075 Crore to renewable energy company Greenko to setting up a 1,440-MW standalone pumped storage project.

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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.

In addition, REC is actively engaged in discussions with Greenko for potential financial backing for various other clean energy ventures.

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.

Earlier this year, in July, REC hosted the Green Finance Summit on the sidelines of India’s G20 Presidency, which resulted in the signing of Memorandums of Understanding (MoUs) valued at approximately Rs. 2.86 lakh Crore with renewable energy developers.

REC Limited, a Maharatna corporation, 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.