State-owned financier REC Ltd has announced plans to significantly ramp up its investments in India’s renewable energy sector, committing ₹2.5 lakh crore by 2030. This move aligns with the country’s broader ambition of achieving 500 GW of non-fossil fuel-based energy capacity by the end of the decade.

Currently, REC has approximately ₹53,000 crore invested in renewable energy out of a total loan book of ₹5.67 lakh crore as of March 31, 2025. The firm now aims to grow its overall loan book to ₹10 lakh crore, with ₹3 lakh crore earmarked for the renewable sector.

Speaking to PTI, REC Chairman and Managing Director Jitendra Srivastava emphasized the company’s aggressive push into green energy, stating that the renewable sector would be a key focus area over the next six years.

India’s existing renewable capacity stands at 220 GW, including 106 GW solar, 50 GW wind, and 48 GW from large hydro projects. To meet its 2030 goal, the country needs to add around 50 GW of renewable energy capacity annually—requiring massive financial support, which REC aims to provide.

Additionally, REC has been appointed as the nodal agency for the government’s PM Surya Ghar Yojana, targeting rooftop solar adoption across 1 crore households. So far, 51 lakh applications have been received, with 12 lakh installations completed.

Srivastava also noted REC’s progress in reducing non-performing assets, with bad loans dropping from 0.86% to 0.38%, and a target of zero bad loans for this fiscal year.