REC raises Rs 1,500 crore from German bank

​Hyderabad: State-owned REC, a power sector financier recently, signed for a loan worth Rs 1,500 crore (200 mn euro) from the German bank KfW in Frankfurt. The financier will utilise the loan to finance renewable projects in India. Dr PV Ramesh, CMD, REC, said: “This is a step towards promoting renewable energy in India, and we have more than tripled our financing in renewable sector last year. 

The partnership reflects the commitment of both the institutions towards sustainable development.” Under Indo-German development cooperation, the Navratna CPSE has borrowed credit line for the fourth time. The pact was signed by Dr PV Ramesh, CMD, REC and Roland Siller, member of the management committee-Europe and Asia, in the presence of Dr AK Verma, joint secretary, Ministry of Power and Pratibha Parkar, the Consul General of India.