REC shares rally by 3% after signing MoUs of Rs 1.12 lakh crore

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The shares of Rural Electrification Corporation (REC) surged by 3% to day’s high of Rs 563.25 on BSE after signing a non-binding Memorandum of Understandings (MoUs) of Rs 1.12 lakh crore over a period of five years.

REC signed these MoUs with RE developers at the RE-INVEST 2024 event. These MoUs cover projects based on Solar and Wind hybrid projects, Solar and Wind Round the Clock (RTC) project, Firm and Dispatchable RE (FDRE) power, Floating Solar Plants, Ultra Mega Renewable Energy park, Hydroelectric Power Project, Battery Energy Storage Systems (BESS), Pumped Storage, Hydropower, Green Ammonia/Hydrogen, Solar Cell/Module Manufacturing and other innovative technologies, according to a release.

Further discussions are also underway for financing green energy corridors, wind turbine manufacturing, and the EV ecosystem, including associated charging infrastructure, the release stated.

REC also 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.

REC has undertaken a non-binding financial commitment called “Shapath Patra” to increase its renewables loan book to over Rs 3 lakh crore by 2030. This will raise the share of renewables from the current 8% to 30% by 2030. Rural Electrification Corporation’s total loan book is projected to reach Rs 10 lakh crore by 2030.

According to the release, REC is also open to considering renewable projects by developers for the commercial and industrial (C&I) segment, provided they have top-rated offtakers.In the last one and two years, the shares of REC increased by 121.05% and 432.13%, respectively. Over five years, the stock rose by 458.47%, while the Sensex and BSE Financial Services increased by 207.26% and 232.97%, respectively.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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