SKOCH ESG Award 2024 in RE Financing Category Won by REC

Utkarsh Classes Last Updated 02-04-2024

SKOCH ESG Award 2024 in RE Financing Category Won by REC

Award and Honour 4 min read

REC Limited under the Ministry of Power won the SKOCH ESG Award 2024 in the 'Renewable Energy Financing' category.

This award recognizes REC's commitment to sustainable financing, which is paving the way for a greener future and accelerating the transition to renewable energy.
REC has emerged as a key player in India's clean energy transition and is actively contributing to the country's sustainable future. Through various initiatives and achievements, REC has committed to numerous sustainable projects and has signed various MOUs for green projects.
REC has also engaged in one-on-one discussions with various developers of green projects, spanning sectors such as solar, wind, Pumped Storage Projects, E-mobility, RE manufacturing, green ammonia and green hydrogen, and battery storage.

SKOCH ESG Awards

The SKOCH ESG Awards recognize organizations which demonstrate outstanding performance in the field of environment, social and governance (ESG).
The SKOCH ESG Awards and Assessment serves as an important benchmark for evaluating organizations' commitment to India 2047.
It focuses on the connection between sustainable investments and processes in shaping a sustainable and healthy growing business future.

About REC Limited

REC is a government-owned company that helps fund power-infrastructure and non-power infrastructure projects in India.
The company offers loans of varying lengths to state, central and private companies to build infrastructure assets within the country.
REC has registered itself with the Reserve Bank of India as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC).
It is a 'Maharatna' category Central Public Sector Enterprise under the Ministry of Power.
The loans provided by REC help finance the entire power-infrastructure sector, including renewable energy, electric vehicles, battery storage, pumped storage projects, green hydrogen, and green ammonia projects.
Recently, REC has also diversified into the non-power infrastructure sector, including roads, expressways, metro rail, airports, IT communication, social and commercial infrastructure such as educational institutions, hospitals, ports, and electro-mechanical (E&M) works in various other sectors such as steel and refinery.
REC plays a crucial role in the flagship schemes of the Indian Government for the power sector.
It has been a nodal agency for schemes such as Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGYA), National Electricity Fund (NEF) Scheme, and Revamped Distribution Sector Scheme (RDSS).
These schemes have helped strengthen the last-mile distribution system, electrify 100% of villages, and provide household electrification in the country.