REC Stock Jumps 3% on Rs 1.12 Lakh Crore MoU Bonanza

18 Sep 2024 , 01:06 PM

The shares of Rural Electrification Corporation (REC) rose 3% to a day’s high of Rs 563.25 on the BSE after signing a non-binding Memorandum of Understandings (MoUs) worth Rs 1.12 lakh crore over five years.

REC inked these memorandums of understanding with real estate developers at the RE-INVEST 2024 event. According to a release, these MoUs cover projects such as solar and wind hybrids, solar and wind round-the-clock (RTC) projects, firm and dispatchable renewable energy (FDRE) power, floating solar plants, ultra mega renewable energy parks, hydroelectric power projects, battery energy storage systems (BESS), pumped storage, hydropower, green ammonia/hydrogen, solar cell/module manufacturing, and other innovative technologies.

According to the announcement, further negotiations are taking place about financing green energy corridors, wind turbine production, and the EV ecosystem, including charging infrastructure.

REC also wants to play a vital role in the country’s efforts to increase installed non-fossil-based power capacity from 200 GW to 500 GW by 2030.

REC has made a non-binding financial promise called “Shapath Patra” to build its renewable loan book to more than Rs 3 lakh crore by 2030. This will increase the share of renewables from 8% to 30% by 2030. The Rural Electrification Corporation’s entire loan book is expected to exceed Rs 10 lakh crore by 2030.

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