Akash Jha
On July 21, the Power Finance Corporation and the Rural Electrification Corporation loaned green energy giant Renew Energy Global a total of Rs 64,000 crore. A total of Rs 32,000 crore would be loaned to the Nasdaq-traded energy firm from public sector energy financiers.
At the Goa G20 meeting, the renewable energy ministers signed the loan agreements. The business issued a statement from Goa saying, “We will receive Rs 32,000 crore (USD 3.9 billion) each from PFC and REC for financing its current and upcoming energy transition projects,” but did not provide any further specifics about the projects or a schedule for disbursements.
Solar, wind, hybrid, energy storage, solar module and cell production, and green hydrogen are just some of the new initiatives that the corporation plans to invest in with these funds, according to the release. Corporate Finance President at Renew Kailash Vaswani has noted that the company has worked with PFC and REC, two of the largest lenders in the energy industry, for a long time.
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These loan agreements will help us fulfil our immediate and future finance needs, and they will show that we are capable of securing long-term funding for significant renewable energy initiatives. As of the third month of 2022, Renew’s portfolio is worth around 13.4 GW on a gross basis. It is not just a major IPP, but also a full-service provider of clean energy, green hydrogen, and value-added energy services by leveraging digitalization, storage, and carbon markets, all of which are becoming increasingly important in the fight against climate change.
