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REC extends Rs 6,075 crore loan to Greenko to set up pumped storage project

18 Sep 2023 Evaluate

REC has sanctioned Rs 6,075 crore loan to renewable energy company Greenko for setting up 1,440 MW Standalone Pumped Storage Project. The country’s premier NBFC-IFC is also in advanced discussions with Greenko and is poised to extend financial support for multiple clean energy projects. 

Previously, REC hosted the Green Finance Summit in July 2023 on the sidelines of India’s G20 Presidency, where one-on-one discussions with RE developers were conducted, leading to the successful signing of Memorandums of Understandings (MoUs) amounting to a total of around Rs 2.86 lakh crore. These milestone agreements reflect REC's pivotal role in facilitating green financing solutions and strengthens its position as a key financing partner for India's transition to sustainable and clean energy.

REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them.


REC Share Price

359.35 -0.35 (-0.10%)
08-May-2026 16:59 View Price Chart
Peers
Company Name CMP
Power Finance Corp 461.00
REC 359.35
Indian Railway Fin. 106.05
NHIT 160.00
Satin Creditcare 212.55
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