Green Energy: PFC, REC extend Rs 3 lakh crore funding for green energy projects

NEW DELHI: It’s raining money at the G20 14^thclean energy ministerial in Goa, with public sector lending agencies REC (Rural Electrification Corporation) and PFC (Power Finance Corporation) opening their taps to extend approximately Rs 3 lakh crore in funding for energy transition project funding on Friday.

Manoj Upadhyay-promoted ACME group stitched up two funding deals totalling Rs 25,000 crore with REC, including the first Indian funding for an overseas transition project. The company secured a Rs 4,000 crore loan to achieve financial closure for it green hydrogen (GH2) and green ammonia project at Duqm in Oman.
ACME and REC also inked an MoU for Rs 21,000 crore for its 380 MW round-the-clock green power project in Odisha as well as green ammonia and 600 MW-hour pumped hydro projects in Tamil Nadu.

Sumant Sinha-led ReNew Power, however, led in terms of aggregate value of MoUs signed with PFC and REC. The company signed MoUs for Rs 64,000 crore with both the lenders in equal proportion.
According to a PFC statement, the company signed MoUs for Rs 2.3 lakh crore with 20 companies, both public and private sector, to fund renewable energy projects but did not identify the beneficiaries. REC did not give any detail, it had on Thursday signed Rs 20,000 crore funding MoU with Vineet Mittal-promoted Avaada group.