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IEX posts 24% growth in trading volume, REC prices hit all-time low in September 2024

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The Indian Energy Exchange (IEX) recorded a total trading volume of 11,370 million units (MU) in September 2024, a 24% year-on-year increase. The electricity volume, including green electricity, rose by 21% year-on-year to 10,332 MU. Trading volume in renewable energy certificates (REC) doubled to 1,031 MU compared to the previous year. On September 25, 2024, the REC market saw an all-time low price of Rs 110 per certificate, offering obligated entities like discoms and captive…

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REC to finance Rs 3 trillion for infrastructure projects in Rajasthan

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REC Limited has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan during the “Rising Rajasthan Investors Meet.”  As part of the agreement, REC will increase its annual financing from Rs 200 billion to Rs 500 billion for power and non-power infrastructure projects in the state. The six-year MoU, running until 2030, is valued at Rs 3 trillion. 

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REC raises $500 million through green bonds for renewable energy projects

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REC Limited has raised $500 million through green dollar bonds as part of its $10 billion global medium-term programme. This 5-year bond has a coupon rate of 4.75% per annum, with semi-annual payments, and is set to mature on September 27, 2029. It marks the first US dollar bond issuance by an Indian public sector enterprise in 2024. The funds raised under REC’s Green Finance Framework will be allocated to eligible green projects in line…

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Datta Power subsidiary signs Rs 15 billion MoU with REC for 500 MW renewable projects

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Adyant Enersol Pvt Ltd, a subsidiary of Datta Power Infra, has signed a strategic memorandum of understanding (MoU) with REC Ltd for financing Rs 15 billion to develop 500 MW of renewable energy projects. The MoU was formalized at the 4th Global RE-INVEST Summit in Gujarat. This partnership sets the stage for Datta Infra’s larger vision of developing 2 GW of wind, solar, and wind-solar hybrid projects across Rajasthan, Madhya Pradesh, Andhra Pradesh, and other…

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Hygenco and REC sign $280 million MoU for green ammonia project in Odisha

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Hygenco Green Energies and REC Limited have signed a Memorandum of Understanding (MoU) at the 4th Global Renewable Energy Investors Meet in Gandhinagar, Gujarat, to finance Hygenco’s green ammonia project in Gopalpur, Odisha. Under the agreement, REC will invest $280 million in the project. Hygenco plans to expand its investments in India, with $2.5 billion earmarked for green hydrogen and green ammonia projects in the coming years. In recent developments, Hygenco has signed MoUs with…

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Jakson Green signs Rs 14.2 billion MoU with REC for solar IPP projects

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Jakson Green has signed a memorandum of understanding (MoU) worth Rs 14.2 billion with REC Limited to develop solar independent power producer (IPP) projects. This investment aims to boost renewable energy capacity, reduce fossil fuel reliance, and lower carbon emissions, supporting India’s net zero goals and promoting a sustainable economy.

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Sunsure Energy secures Rs 100 billion debt financing from REC

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Sunsure Energy has signed an agreement with REC for debt financing worth Rs 100 billion to support the development of 3 GW of solar, wind, hybrid, and battery energy storage system (BESS) projects. The deal was inked during the fourth Global RE-Invest Meet and Expo organized by the Ministry of New and Renewable Energy (MNRE) in Gujarat. This financing will enable Sunsure Energy to expand its portfolio of open-access hybrid projects across India, helping the…