NEWS – REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, receives the SKOCH ESG Award 2024 in Renewable Energy Financing.

HIGHLIGHTS

REC’s Contributions to Clean Energy:

• REC actively contributes to India’s clean energy transition through sustainable projects and green initiatives.
• Engages with developers across various sectors like solar, wind, E-mobility, green hydrogen, and battery storage for sustainable projects.

About SKOCH ESG Awards:

• Recognizes outstanding Environmental, Social, and Governance (ESG) practices in organizations.
• Serves as a benchmark for evaluating commitment to sustainable investments and shaping a sustainable business future.

About REC Limited:

• ‘Maharatna’ under Ministry of Power, Govt. of India.
• Registered with RBI as NBFC, PFI, IFC.
• Established in 1969 for agricultural pump-sets; now covers Power-Infrastructure, Non-Power Infrastructure, and new tech
• Key Functions:
  • Provides long-term loans for infrastructure.
  • Loan book ₹4.97 Lakh Cr, 90% to states.
  • Net worth ₹64,787 Cr; 8th in CPSE Net Profit. Strategic Role:
  • Nodal agency for SAUBHAGAYA, DDUGJY, NEF, RDSS; aids village electrification
• Financial Strength:
• Market borrowings include bonds, term loans, foreign borrowings.
• High domestic ratings (AAA); international ratings from Moody’s (Baa3), Fitch (BBB).