February 20, 2024

With this newest rooftop photo voltaic scheme for households introduced by PM Modi on January 22, the corporate expects upwards of 10 GW of this 40 GW goal to be achieved inside a 12 months

REC Ltd, a Maharatna energy finance firm, on January 23 stated it can lend as much as Rs 1,20,000 crore for the set up of rooftop photo voltaic panels beneath the Pradhan Mantri Suryoday Yojana.

The assertion made by REC’s Chairman and Managing Director (CMD) Vivek Kumar Dewangan got here a day after Prime Minister Narendra Modi introduced that his first resolution after coming back from Ayodhya following the consecration ceremony on the Ram temple was to launch this scheme of putting in rooftop photo voltaic in a single crore homes.

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In an interplay with reporters on January 23, Dewangan additionally acknowledged {that a} goal of 1 12 months has been given for putting in rooftop photo voltaic in a single crore households beneath this newest scheme. He stated the Ministry of New and Renewable Vitality (MNRE) is engaged on the rules for the scheme which might be issued shortly.

“The MNRE has designated REC as the general programme implementation company for the rooftop photo voltaic scheme. As we speak REC’s Board has authorised the administration to subject a Line of Credit score to eight central public sector undertakings that are going to behave as renewable vitality providers firms to the tune of about Rs 15,000 crore every. We’re dedicated that we can give line of credit score as much as Rs 1.20 lakh crore for the rooftop photo voltaic mission,” he stated.

For implementation of the scheme, states and union territories have been divided between eight central public sector enterprises (CPSEs) beneath the Ministry of Energy. These embody NTPC, NHPC, EESL, PowerGrid, SECI, THDC, SJVN and NEEPCO. These CPSEs may even be proactively doing rooftop photo voltaic set up beneath the RESCO mannequin (renewable vitality service firm).

Till 2026, REC has been given a goal of getting 40 GW of rooftop photo voltaic installations sanctioned. With this newest rooftop photo voltaic scheme for households introduced by PM Modi on January 22, the corporate expects upwards of 10 GW of this 40 GW goal to be achieved inside a 12 months.

“The goal, inside the given timeframe, might be a difficult activity as a result of we should coordinate with a number of stakeholders – homeowners of rooftops, distribution firms, distributors, financing firms and so forth. Nevertheless, we’re sure of reaching the given goal,” Dewangan stated.

General, REC Ltd has set a goal of accelerating its renewable vitality mortgage portfolio to Rs 300,000 crore by 2030. Thus far, the corporate has sanctioned about Rs 125,000 crore.

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At the moment, about 7-8 lakh households have put in rooftop photo voltaic methods and benefited from the federal government capital subsidy programme, leading to about 4 GW of photo voltaic capability.

REC Ltd on January 23 reported a internet revenue of Rs 3,269.3 crore for the quarter ending December 2023, which is 13.6 % greater in comparison with the year-ago interval. The corporate’s internet revenue within the third quarter of the earlier fiscal stood at Rs 2,878 crore.