REC to lend ₹1.2 trillion for solar panels


New Delhi: State-run REC will lend up to 1.2 trillion for the installation of rooftop solar panels under the Pradhan Mantri Suryoday Yojana.

Speaking to the media on Tuesday, the chairman and managing director (CMD) of REC, Vivek Kumar Dewangan said that the company has been designated as the programme implementation agency for the implementation of the scheme and its board of directors has approved letters of credit of about 15,000 crore each for eight central public sector undertakings would set up the rooftop panels across states.

“The ministry of new and renewable energy has designated REC as the overall programme implementation agency for implementation of rooftop solar in the country and we have been given a target of 1 crore households to be covered in a period of 1 year. Its a challenging task because we will have to coordinate with multiple stakeholders owners of rooftop, distribution companies, vendors, financing companies. Some of the central public sector enterprises under the ministry of power have also been allocated different states. The will also be proactively doing this rooftop solar installation under RESCO model (renewable energy service company),” he said.

Stressing that the rooftop solar installations would help the company expand its renewable energy portolio, the CMD said: “Today in our board meeting board has authorized management of REC to issue Line of Credit to the central public sector undertakings which are going to act as renewable energy services companies to the tune of about 15,000 crore. There are eight CPSEs who are going to implement this solar rooftop. If we are able to give line of credit of 15,000 crore to each company, we are committed that we will be able to give line of credit upto 1.20 lakh crore for rooftop solar mission.” He added that the ministry of new and renewable energy would come up with guidelines for the scheme.

Prime Minister Narendra Modi on Monday had announced to launch the scheme to provide rooftop solar installations to 10 million households in the country.

Addressing reporters, the REC CMD also said that so far this fiscal, the company has sanctioned about 1.25 trillion for the renewable energy sector.

For the quarter ended December, the company has reported a net profit of 3,269.31 crore, 13.6% higher on a year-on-year basis. During the corresponding quarter of the previous fiscal, the company had reported a net profit of 2,878.08 crore.

Its total revenue from operations during the third quarter of FY24 under review stood at 11,981.65 crore, 23.58% higher from 9,694.89 crore the quarter ended December of the last fiscal.

Overall sanctions during the quarter under review was 1.32 trillion, with a nearly three-fold growth from 47,712 crore in the year ago period.

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Published: 23 Jan 2024, 11:57 PM IST


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