Rural Electrification Corporation Ltd (REC) is a Navratna Central Public Sector Enterprise under the Ministry of Power. It is a Government Company engaged in extending financial assistance to State Electricity Boards, State Power utilities/State Power Departments and Private sector for all segments of Power infrastructure. The company is engaged in the financing and promotion of transmission, distribution and generation projects throughout India. Their main objective is to finance and promote rural electrification projects all over the country. They provide financial assistance to State Electricity Boards, State Government Departments and Rural Electric Cooperatives for rural electrification projects sponsored by them. The company provides loan assistance to SEBs/State Power Utilities for investments in rural electrification schemes through its extensive network of 23 offices across the country. The Project Offices in the States coordinate the programmes of RECs financing with the concerned SEBs/State Power Utilities and facilitate in formulation of schemes, loan sanction and disbursement and implementation of schemes by the concerned SEBs/ State Power Utilities.The company assists clients in formulating and implementing a broad array of power projects and finance those projects. Their clients primarily include Indian public sector power utilities at the central and state levels and private sector power utilities. Their primary financial product is project-based long-term loans. They fund their business with market borrowings of various maturities, including bonds and term loans.Rural Electrification Corporation Ltd was incorporated on July 25, 1969 at New Delhi as a private limited company with the name Rural Electrification Corporation Pvt Ltd. In the year 1970, the company commenced lending operations to SEBs. In the year 1979, they set up CIRE in Hyderabad. In the year 1988, the company launched Kutir Jyoti and Jal Dhara programmes for rural electrification. In the year 1992, the company was declared a public financial institution. In the year 1993, the company entered into MoU with the MoP for the first time to achieve certain performance related targets. In February 1998, the company was registered as a Non Banking Financial Company. In the year 2002, the company was granted Mini Ratna - I Status. In September 27, 2002, the company was converted into a public limited company and the name was changed to Rural Electrification Corporation Ltd. From the year 2002, the company diversified into financing of Generation projects for creation of new generation capacity.In the year 2005, the company was appointed as the nodal agency for RGGVY. In the year 2006, the company entered into agreement with Japan International Cooperation Agency for availing a loan facility of JPY 20,629 million. Also, they entered into an agreement with KfW, Frankfurt am Main for availing a loan facility of Euro 70 million.In the year 2007, the company entered into a syndicated facility agreement with Standard Chartered Bank and DEPFA Investment Bank for availing a loan facility of JPY 23,570 million. In January 2007, REC Transmission Projects Company Ltd, a subsidiary company was incorporated as a public limited company with the main object of REC TPCL is to promote, organize and carry on the business of consultancy services and/or Project implementation in any field of activity relating to transmission & distribution of electricity in India or abroad.During the year 2007-08, the company made an Initial Public Offer and their shares were listed on the stock exchanges. In the Post-IPO scenario, the shareholding of the Government of India has reduced from 100% to 81.82%. The company entered into agreement with Japan International Cooperation Agency for availing a loan of JPY 20,902 million. In May 2008, the company was granted Navratna status by the Department of Public Enterprise, GoI for their operational efficiency and financial strength, which affords greater operational freedom and autonomy in decision making. During the year 2008-09, the company sanctioned 20 Nos of new generation/R&M loans and 3 Nos additional loan assistance with total financial outlay of Rs.21525.31 crore, including consortium financing with other financial institutions. Also, they sanctioned a total of 317 system improvement schemes and bulk loan schemes involving a loan outlay of Rs.14511.49 crore. They reported 188,743 electric irrigation pumpsets energized under REC financed schemes. Also, the company entered into agreement with KfW, Frankfurt am Main for availing a loan facility of Euro 70 million.During the year 2009-10, the company sanctioned 26 Nos of generation / R&M loans including 5 Nos additional loan assistance with total financial outlay of Rs.24031.32 crore. Also, they sanctioned a total of 289 system improvement schemes and bulk loan schemes involving a loan outlay of Rs.15421.64 crore. They reported 240,020 electric irrigation pumpsets energized under REC financed schemes. Also, the company made the Further Public Offer (FPO) during the year and the shareholding of the Government of India in the company reduced to 66.80%. During the year 2010-11, the Company sanctioned 34 nos. of generation loans including additional loan assistance with total financial outlay of Rs 40,101 crore, including consortium financing with other financial institutions. During the year, 11 nos. Renewable Energy projects including 6 nos. Solar projects were sanctioned with total project cost of Rs 621.06 crore and loan assistance of Rs 390.71 crore. In September 17, 2010, Reserve Bank of India (RBI) categorized the company as an Infrastructure Finance Company (IFC). In December 2010, the companys subsidiary REC Transmission Projects Company Ltd sold 50,000 shares held in Raichur Sholapur Transmission Company Ltd to consortium of Patel engineering Ltd, Simplex Infrastructure Ltd and BS TransComm Ltd for a consideration of Rs 18.89 crore. In April 21, 2011, Vemagiri Transmission System Ltd (a wholly owned subsidiary of RECTPCL) was incorporated in respect of Transmission System associated with IPPs of Vemagiri Area: Package A.The company received India Pride Award 2010 for being adjudged The Best NBFC and also Third DSIJ Award 2010-11 - Speed King for fastest growing PSUs across Maharatnas, Navratnas & Miniratnas. The company also featured in Dun & Bradstreets Indias Top PSUs 2011.During 2012, the corporation sought the approval of Reserve Bank of India (RBI) for issuing bonds to raise up to USD 500 million. The company was awarded India Today - PSUs Awards 2014 for Best HR Practices. During the year, the company Signed MoU with Ministry of Power for the Financial Year 2014-15. In 2015, the corporation has signed two separate agreements with Andhra Pradesh Power Generation Corporation Limited and Transmission Corporation of Andhra Pradesh Limited. During the year, the Corporation incorporated three Project Specific Special Purpose Vehicles (SPVs), as Subsidiary Companies of Rural Electrification Corporation Limited. The Board of Directors of REC at its meeting held on 11 August 2016 recommended the issue of bonus shares in the ratio of 1:1.MOUs were signed between REC Limited and APGENCO, APTRANSCO and AP DISCOMS on 27 January 2017 for extending a financial assistance to the tune of Rs 60000 crore to the power utilities in Andhra Pradesh for the next five years (till March 2022). As per the MOU, APGENCO can avail debt of Rs 40000 crore for generation projects and other loan requirements. APTRANSCO can avail a debt of Rs 10000 crore for transmission system strengthening, augmentation, upgradation, new transmission, power evacuation, R&M projects, etc. in the upcoming capital region and other districts of Andhra Pradesh. APEPDCL and ADSPDCL can avail a debt of Rs 10000 crore for implementation of Distribution projects in the state for strengthening, augmentation, upgradation of distribution infrastructure, sub-transmission system, new distribution, under-ground cabling works, R&M works, works under DDUJGY & IPDS, implementation of smart grid, smart meters, creation of distribution infrastructure for agricultural services, conversion of conventional pump sets into solar pump sets, etc. Apart from financial assistance power utilities have agreed to avail consultancy and management services from RECs subsidiaries for their various activities/projects for the next five years.Loan agreements were signed between REC and TANGEDCO, TANTRANSCO for financial assistance of Rs 6890 crore on 28 January 2017 in Chennai for implementation of 1X 800 MW super critical thermal power plant at North Chennai, renovation and modernisation of TANGEDCO s existing thermal power plants and establishment of new 765 KV, 400 KV substations in and around Chennai.On 6 February 2017, REC announced that it has entered into Memorandums of Understanding (MoUs) with Karnataka Power Corporation Limited (KPCL) and Bangalore Electricity Supply Company Limited (BESCOM) for extending financial assistance to the tune of Rs 39121 crore for the next five years (i.e. till March 2022); i.e. financial assistance upto Rs 27121 crore to KPCL and upto Rs 12000 crore to BESCOM.On 20 February 2017, REC announced that it has entered into Memorandums of Understanding (MoUs) with Jharkhand Bijli Vitran Nigam Limited (JBVNL) and Jharkhand Urja Sancharan Nigam Limited (JUSNL) for extending financial assistance to the tune of Rs 15150 crore; i.e. financial assistance upto Rs 8150 crore to JBVNL and upto Rs 7000 crore to JUSNL.On 23 March 2017, REC announced that it has entered into Memorandum of Understanding (MoU) with Damodar Valley Corporation (DVC) for extending financial assistance to the tune of Rs 4650 crore for ongoing and upcoming projects of DVC. On 5 April 2017, REC announced that its wholly owned subsidiary REC Transmission Projects Company Limited has handed over project specific Special Purpose Vehicles (SPV) namely NER-II Transmission Limited to M/s Sterlite Grid 4 Limited on 31 March 2017.On 15 May 2017, REC announced that the company has entered into Memorandums of Understanding (MoUs) with Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) and Tamil Nadu Transmission Corporation Limited (TANTRANSCO) for extending financial assistance to the tune of Rs 85723 crore, i.e. financial assistance upto Rs 60063 crore to TANGEDCO and upto Rs 25660 crore to TANTRANSCO. The MoUs are non-binding in nature and the financial assistance is subject to appraisal of the proposal(s) to be submitted by the respective entities to REC and approval of Competent Authority.On 30 May 2017, REC reported its highest ever annual net profit of Rs 6246 crore for the financial year 2016-17.On 30 June 2017, RECs Green Bond was listed on the London Stock Exchange. REC launched its maiden USD Green Bonds to become the first Indian PSU corporate to launch Green Bonds denominated in US Dollars, against the backdrop of green energys enormous potential in the Indian power sector and the Indian Governments thrust on developing this space. On 24 August 2017, REC signed a Memorandum of Understanding (MoU) extending a term loan worth Rs 13000 crore to Maharashtra State Power Generation Company Limited ( Mahagenco) for generation projects, FGD systems, STP, working capital and special loan requirements.REC and Patratu Vidyut Utpadan Nigam Limited (PVUNL) signed a loan agreement on 14 November 2017 for establishing 3x800 MW Patratu Super Thermal Power Project Phase-I in Jharkhand. The project cost of Rs 18668 crore is funded in debt: equity ratio of 75:25 and Rs 14000 crore (entire debt component of project) is sanctioned by REC as sole lender for the project. With a view to have better operational efficiency and to reap the benefits of higher capital base, pooled resources and to create one big consultancy firm, the Board of Directors of REC at its meeting held on 6 February 2018 approved the Scheme of Amalgamation of both wholly owned subsidiaries of the company viz. REC Transmission Projects Company Limited (Transferor Company) and REC Power Distribution Company Limited (Transferee Company).REC concluded a USD 400 million Reg S bonds deal in London on 11 December 2007 for refinancing the existing ECB. The bond was priced at 115 basis points over three years US Treasury. On 12 January 2018, REC announced that it has signed a loan agreement of Rs 10453 crore with TANGEDCO for setting up of TANGEDCOs Udangudi Stage-I, 2x660 MW Coal based Supercritical Thermal Power Project in Tuticorin District of Tamil Nadu. The loan assistance from REC will not only improve the power infrastructure of the state utilities but will also improve their financial and operational performance. On 16 January 2018, REC Transmission Projects Company Limited (RECTPCL), a wholly owned subsidiary of Rural Electrification Corporation Ltd (REC), handed over project specific Special Purpose Vehicle (SPV) namely ERSS XXI Transmission Limited to M/s Power Grid Corporation of India Limited (PGCIL) on 12 January 2017.On 15 March 2018, REC announced that it has successfully priced 10-year USD Reg-S Bond at a coupon of 4.625% and raised USD 300 million. The issuance received an excellent response with order book of more than USD 900 million. The net proceeds will be used for power sector development.During the financial year 2019-20, Company sanctioned 84 nos. of Generation / R&M / other loans including 9 nos. of additional loans with total loan assistance of ?55,811.89 crore, including consortium financing with other financial institutions.During the financial year 2019-20, Company sanctioned 17 nos. of Renewable Energy projects with installed generation capacity aggregating to 1,754 MW, with total loan assistance of Rs. 7,026.33 crore. Out of the same, 7 were solar photo-voltaic projects aggregating 917 MW, another 7 were wind energy projects aggregating 837 MW, 1 was procurement and installation of Turbine & Generator unit for a small hydro project, 1 was for DDG component of DDUGJY works and 1 loan was to a State DISCOM for meeting its renewable purchase obligations.During the financial year 2019-20, the Company completed commissioning of sub-stations including augmentation: 1,729 nos, HT Lines feeder segregation (including new 11 kV lines): 1,97,019 cKm, LT Lines: 4,61,875 cKm, Commissioning of Distribution Transformers: 4,96,181 nos., Installation of consumer meters: 45,53,651 nos. and Metering of Distribution Transformer & Feeders: 14,589 nos.During the financial year 2019-20, the Company sanctioned total loan assistance of Rs 1,10,907.99 crore towards various power sectorprojects/schemes. The same included Rs 55,811.89 crore sanctioned towards generation projects, Rs 7,026.33 crore towards renewable energy projects, Rs 41,604.77 crore towards T&D projects and Rs 6,465.00 crore towards short term, medium term & other loans. Further, the Company disbursed a total loan amount of Rs 75,666.95 crore in the financial year 2019-20. The same included Rs 27,490.87 crore towards generation projects, Rs 5,699.09 crore towards renewable energy projects, Rs 30,856.19 crore towards T&D projects, Rs 6,390.00 crore towards short term, medium term & other loans and Rs 5,230.80 crore of counter-part funding under DDUGJY including DDG (Decentralized Distributed Generation) and SAUBHAGYA schemes. Further, grant/subsidy of Rs 6,473.88 crore provided by the Government of India was also disbursed to various states/implementing agencies during the financial year 2019-20 under the DDUGJY, DDUGJY-DDG and SAUBHAGYA schemes.50 MW Wind Power Project of Renew Group in Karnataka was financed by REC in FY19-20. 150 MW Solar Power Project of Avaada Group was financed by REC in Pavagada Solar Park in FY 2019-20.During the financial year 2020-21, Company sanctioned total loan assistance of Rs 1,54,820.87 crore towards various power sectorprojects/schemes. The same included Rs. 39,613.53 crore towards generation projects, Rs. 17,171.34 crore towards renewable energyprojects, Rs. 19,492.75 crore towards T&D projects, Rs. 60,191.36 crore towards liquidity infusion scheme of the Government of India under Atmanirbhar Bharat and Rs. 4,750.00 crore towards other loans including short-term and medium-term loans. Further, outstanding dues of Rs. 13,601.89 crore, on which moratorium was extended pursuant to RBI directive and Board approved moratorium policy, are also included in the above sanctions mentioned.During the financial year 2020-21, Company disbursed a total amount of Rs 92,987.49 crore, which included Rs 25,929.76 crore towards generation projects, Rs 3,265.13 crore towards renewable energy projects, Rs 19,301.22 crore towards T&D projects, Rs 39,115.50 crore towards liquidity infusion scheme of the Government of India under Atmanirbhar Bharat and Rs 3,900.79 crore towards other loans including short term-and medium-term loans, besides Rs 1,475.09 crore of counter-part funding under DDUGJY, DDUGJY-DDG and SAUBHAGYA schemes of the Government of India. Apart from the above, your Company also disbursed total subsidy of Rs 4,940.62 crore from the Government of India, i.e., Rs 4,527.01 crore under DDUGJY, Rs 25.49 crore under DDUGJY-DDG and Rs 388.12 crore under the SAUBHAGYA scheme. Apart from the above, the Company also disbursed total subsidy of Rs. 4,940.62 crore from the Government of India during the financial year 2020-21, i.e., Rs. 4,527.01 crore under DDUGJY, Rs. 25.49 crore under DDUGJY-DDG and Rs. 388.12 crore under SAUBHAGYA schemes.During the financial year 2020-21, two wholly owned subsidiaries of the Company were amalgamated to create a single entity, toachieve better synergies in operations, greater access to different market segments and to reap the benefits of higher capital baseand pooled resources. The amalgamated entity is now known as REC Power Development and Consultancy Limited (formerly RECPower Distribution Company Limited, RECPDCL). In FY-2020-21, Company financed 300 MW solar power project of Avaada Energy Private Limited in Pavagada Solar Park, Karnataka.During the financial year 2020-21, the Company sanctioned 23 nos. of Generation, R&M (Renovation & Modernization) and other loans, including 2 nos. of additional loans with total loan assistance of Rs 39,613.53 crore, including consortium financing with other financial institutions. In addition to above, moratorium was extended on outstanding dues of Rs 4,687.80 crore of generation loans during the year under review, pursuant to Board approved moratorium policy. These are also counted in the sanctions. It financed Pump-house of Purushothapatanam Lift Irrigation Scheme Stage-I at Andhra Pradesh and 252 MW Wind Power Project of Vivid Solaire Energy Private Limited in Tuticorin, Tamil Nadu. REC also financed 2x60 MW Vyasi Hydro-electric Project in Dehradun, Uttarakhand.During the financial year 2020-21, Company sanctioned 40 nos. of Renewable Energy projects with installed generation capacity aggregating to 3,759 MW, with total loan assistance of Rs 17,171.34 crore. The above loans included 20 solar photo-voltaic projects with aggregate capacity of 2,902 MW, 4 wind energy projects with aggregate capacity of 706 MW, 1 solar wind hybrid project of 150 MW capacity, 1 solar module and cell manufacturing project of 2000 MWp per annum capacity, 3 solarization projects under KUSUM scheme, 1 small hydro project of 1 MW, 6 projects for repair and maintenance of hydel plants and 4 E-vehicle projects for procurement of total 902 E-buses. In addition to above, moratorium was extended on outstanding dues of Rs 1,040.60 crore of renewable energy loans during the year under review, pursuant to Board approved moratorium policy. During the financial year 2020-21, Company sanctioned Transmission & Distribution (T&D) schemes and projects involving a total loan assistance of Rs. 19,492.75 crore, including loan towards inter-state/intra-state transmission projects in private sector. The loans under T&D category included loans towards primary power evacuation schemes associated with generating plants, system improvement schemes, schemes for procurement and installation of equipment/material like meters, transformers, conductors, tower material, cables etc. Further, it also included loan component under Government-approved schemes like DDUGJY, IPDS and SAUBHAGYA and infrastructure schemes for providing electricity access to various categories of consumers, including agricultural consumers.During the financial year 2020-21, REC completed works under the 3 schemes of Government of India i.e., DDUGJY, PMDP-2015 for J&K and SAUBHAGYA such as, metering of distribution transformers (nos.): 61,994 nos., Feeder separation (including 11 kV lines) cKm: 30,668 cKm; Metering of 11 kV feeders (nos.): 1,360 nos., and commissioning of sub-stations (including augmentation) (nos.): 570 nos. In addition, 2,385 ckm 33 kV lines were installed, 54,964 cKm of LT lines were installed, 66,017 nos. of distribution transformers were commissioned and 15,20,550 nos. of consumer meters were installed. Apart from these, electrification of 4.93 lakh households was achieved under SAUBHAGYA.During the financial year 2020-21, REC had two wholly owned subsidiaries viz., REC Power Distribution Company Limited (later renamed as REC Power Development and Consultancy Limited w.e.f. July 16, 2021) (RECPDCL) and REC Transmission Projects Company Limited (RECTPCL). Accordingly, RECTPCL (Transferor Company) was amalgamated with RECPDCL (Transferee Company) through the Scheme of Amalgamation which became effective from February 6, 2021.In FY 2021-22, REC financed 350 MW Solar PV project of Avaada Energy in Bikaner, Rajasthan. It sanctioned loans worth Rs. 54,421.76 crore. The cumulative loans sanctioned since inception till March 31, 2022, were Rs. 13,08,992.08 crore. It sanctioned 53 nos. of loans towards generation projects including hydropower projects, implementation of pollution control equipment, renovation & modernization schemes, irrigation projects etc. and sanctioned total loan assistance of Rs. 16,089.15 crore. It sanctioned 15 nos. of Renewable Energy projects with installed generation capacity aggregating to 1,609 MW, with total loan assistance of Rs. 14,733.52 crore.During financial year 2022-23, the Company had issued bonus shares to its shareholders in the month of August 2022, in the ratio of 1:3, i.e., one (1) bonus equity share of Rs 10/- each fully paid-up for every 3 existing equity shares of Rs 10/- each fully paid-up resulting in issuance of 65,83,06,000 fully paid-up new equity shares of Rs 10/- each. This increased the issued and paid-up share capital to Rs 2,633.22 crore, comprising of 2,63,32,24,000 equity shares of Rs 10/- each.As on March 31, 2023, Power Finance Corporation Limited, a Government of India undertaking, held 52.63% of the paid-up equity share capital of the Company, comprising of 1,38,59,93,662 equity shares of Rs 10/- each and the balance 47.37% paid-up equity share capital was held by public shareholders.In April 2023, REC raised USD 750 Million Green Bonds and resulting, the bonds got listed at IFSC Stock exchanges, i.e., India INX and NSE IFSC in GIFT City, Gandhinagar, Gujarat.During financial year 2022-23, Company graded 143 utilities (excluding State Government), out of which 20 utilities were graded as A++, 38 as A+, 30 as A, 19 as B, 32 utilities as C category and 1 utility as D category. It sanctioned 76 nos. of loans towards generation projects including hydropower projects, implementation of pollution control equipment, renovation & modernization schemes, irrigation projects etc. and sanctioned total loan assistance of Rs 34,529.33 crore. It sanctioned 35 nos. of Renewable Energy projects with installed generation capacity aggregating to 6,488 MW & some infra projects, with total loan assistance of Rs 21,371.11 crore. It sanctioned 408 nos. of Transmission & Distribution (T&D) schemes/ projects involving a total loan assistance of Rs 1,22,050 crore including projects under RDSS, LPS and RBPF schemes of the Government of India. During the financial year 2022-23, the Company disbursed an amount of Rs 96,846.30 crore, including Rs 25,049.27 crore towards generation projects, Rs 12,984.89 crore towards renewable energy projects, Rs 27,502.84 crore towards T&D projects, Rs 1,453.29 crore towards Power Infrastructure projects and Rs 29,621.37 crore towards other loans including short term, RBPF etc. An aggregate 8.03 GW rooftop solar capacity was reported installed in the country as on February 28, 2023.