Public finance company REC’s renewable energy loan disbursements rose 92.68% in the first half (1H) of the financial year (FY) 2024-25 and 37.35% in the second quarter (Q2).

The company approved ₹112.97 billion (~$1.34 billion) in loans in 1H, a 92.68% rise in loans disbursed for renewable energy projects from ₹58.63 billion (~$698.37 million) loans in the corresponding period last year.

The company saw a 37.35% year-over-year (YoY) increase in renewable energy loans, with ₹59.46 billion (~$708.25 million) approved in Q2, up from ₹43.29 billion (~$515.64 million).

Total loans disbursed went up 20.10% YoY to ₹909.55 billion (~$10.83 billion) in 1H FY 2025, from ₹757.31 billion (~$9.02 billion). Total loans disbursed in Q2 increased 133.71% YoY to 473.03 billion (~5.63 billion) from ₹415.98 billion (~$4.95 billion).

In FY 2o24, the company approved ₹1.36 trillion (~$16.19 billion) for 82 renewable energy projects, with an aggregate installed generation capacity of 17,464.8 MW. The company’s approved loans for renewable energy projects surged 533% YoY, while the overall project approvals grew by 34%.

In FY 2024, REC Limited recorded its highest-ever loan approvals totaling ₹3.58 trillion (~$43.02 billion), a YoY increase of 33.66%, and disbursements reaching ₹1.61 trillion (~$19.34 billion), a 66.72% growth. A significant portion of the total approved loans, amounting to ₹1.37 trillion (~$16.46 billion), went to the renewable energy sector, a YoY growth of 538.79%.

Recently, REC Limited raised $500 million through 5-year green bonds as part of its $10 billion Global Medium-Term Program. The funds will finance eligible green projects per REC’s Green Finance Framework, the Green Bond principles of the Climate Bonds Initiative, London, and RBI’s ECB Guidelines, with a second-party opinion from Sustainable Fitch.