REC and NIIFL join forces to finance renewable energy and infrastructure projects

REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading Non-Banking Financial Company (NBFC), has inked a Memorandum of Understanding (MoU) with the National Investment and Infrastructure Fund Limited (NIIFL) to collaborate on a range of funding solutions for Renewable Energy Projects and large-scale infrastructure projects across India.

Commenting on the partnership, CMD of REC, Vivek Kumar Dewangan, stated, “Empowering India’s growth through strategic financial partnerships, REC Limited remains steadfast in its commitment to fueling the nation’s progress. Our dedication to financing key infrastructure projects reflects our shared vision for a robust and interconnected future.”

The MoU was signed by Daljeet Singh Khatri, Executive Director (Finance) of REC, and Prasad Gadkari, Executive Director & Chief Strategy Officer of NIIFL, in the presence of Vivek Kumar Dewangan, CMD of REC, and Rajiv Dhar, CEO and MD of NIIFL. Also present at the event were Ajoy Choudhury, Director (Finance) of REC; V K Singh, Director (Projects) of REC; K Mukundan, Sr. Principal – Strategic Initiatives and Policy Advisory of NIIFL; and Saurabh Rastogi, Executive Director of REC. REC, a ‘Maharatna’ CPSE under the Ministry of Power, is registered with the RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC).

The company finances the entire Power-Infrastructure sector, including Generation, Transmission, Distribution, Renewable Energy, and new technologies like Electric Vehicles, Battery Storage, Pumped Storage projects, Green Hydrogen, and Green Ammonia projects. In addition, REC has diversified into the Non-Power Infrastructure sector, covering Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports, and Electro-Mechanical (E&M) works for various other sectors like Steel and Refinery.

REC Ltd. continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been the nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme, which have resulted in the strengthening of the last-mile distribution system, 100% village electrification, and household electrification in the country.

REC has also been given the responsibility of Pradhan Mantri Suryodaya Yojana by the Central Government. As of December 31, 2023, REC’s loan book stands at Rs 4.97 Lakh Crore and its Net Worth at Rs. 64,787 crores.