Pradhan Mantri Suryoday Yojana: REC Ltd to Spearhead Rooftop Solar Mission with Rs 1.2 Lakh Crore Funding
In a significant development, REC Ltd, a Maharatna power finance company, has been designated as the nodal agency for the ambitious Pradhan Mantri Suryoday Yojana. This initiative, announced by Prime Minister Narendra Modi on January 22, aims to install rooftop solar panels in one crore households. REC Ltd, under the leadership of CMD Vivek Kumar Dewangan, is set to lend up to Rs 1,20,000 crore for this massive undertaking.
Target and Timeline: The scheme sets an ambitious target of installing rooftop solar in one crore households within a year, contributing to the larger goal of achieving 40 GW of rooftop solar installations by 2026.
In the quarter ending December 2023, REC Ltd reported a net profit of Rs 3,269.3 crore, reflecting a 13.6% increase from the previous year. The company remains steadfast in its commitment to advancing renewable energy initiatives.
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