REC Limited Receives Prestigious SKOCH ESG Award 2024 for Renewable Energy Financing

New Delhi: REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a prominent Non-Banking Financial Company (NBFC), has been honored with the esteemed SKOCH ESG Award 2024 in the ‘Renewable Energy Financing’ category. The recognition highlights REC’s unwavering commitment to sustainable financing practices, marking a significant stride towards a greener future and the accelerated adoption of renewable energy solutions. The award was received by Executive Director of REC Limited, Shri T.S.C. Bosh, at a ceremony held in New Delhi.

This prestigious accolade underscores REC’s pivotal role in India’s transition towards clean and renewable energy sources, cementing its position as a key player in fostering the nation’s sustainable development agenda. Through a multitude of initiatives and achievements, REC has demonstrated its dedication to financing sustainable projects and driving the growth of renewable energy infrastructure across the country.

One of REC’s key contributions to the renewable energy landscape has been its proactive engagement with developers of green projects, spanning diverse sectors including solar, wind, Pumped Storage Projects, E-mobility, RE manufacturing, green ammonia, green hydrogen, and battery storage. These collaborations have not only facilitated the deployment of clean energy solutions but have also catalyzed innovation and technological advancements in the sector.

Looking towards the future, REC envisions a significant expansion of its renewable energy portfolio, with projections indicating a tenfold increase in its present value. By 2030, REC aims to reach a portfolio value exceeding Rs. 3 lakh crores, representing approximately 30% of its Assets Under Management. This ambitious growth trajectory underscores REC’s steadfast commitment to driving sustainable development and fostering a resilient, low-carbon economy.

The SKOCH ESG Awards serve as a prestigious platform for recognizing organizations that demonstrate exemplary performance in Environmental, Social, and Governance (ESG) practices. By honoring REC Limited with the ‘Renewable Energy Financing’ award, the SKOCH ESG Awards recognize REC’s significant contributions towards advancing India’s sustainable development goals and promoting responsible financing practices.