REC Ltd., the state-run financer of rural electrification projects, on Tuesday said its overall loan book will increase to Rs 10 lakh crore by 2030.
The target is to increase the share of loans issued for renewable energy projects to 30% by that year, it added.
At the end of fiscal 2024, REC's total loan book stood at Rs 5.09 lakh crore.
REC, in an exchange filing, said it intends to be a key player in the country's journey of increasing installed non-fossil based generation capacity from 200 GW to 500 GW by 2030.
The company has undertaken a "non-binding financial commitment" of increasing its renewables loan book to over Rs 3 lakh crore by 2030.
This will increase the share of renewables from the current 8% to 30% by 2030, as the company's loan book is projected to touch Rs 10 lakh crore by 2030, according to the filing.
At the ongoing Global Renewable Energy Investors Meet & Expo in Gandhinagar, REC has signed non-binding memorandum of understandings with renewable energy developers aggregating about Rs 1.12 lakh crore which will be implemented over a period of five years, it added.
These MoUs cover projects like solar and wind hybrid hybrid, floating solar plants, ultra-mega renewable energy park, hydroelectric power, battery energy storage systems, green ammonia, solar cell and module manufacturing, and other innovative technologies.
The announcement was made by the company after market hours. The scrip of REC settled 2.7% lower at Rs 545.5 on the NSE, as compared to a 0.14% rise in the benchmark Nifty 50.
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