REC, NIIFL sign MoU to finance renewable energy and infra projects

January 29, 2024: The Rural Electrification Corporation (REC), a state-owned entity, has entered into a Memorandum of Understanding (MoU) with the National Investment and Infrastructure Fund Limited (NIIFL), as announced in a press release by the ministry of power. The primary objective of this collaborative effort is to devise innovative funding solutions for supporting renewable energy and large-scale infrastructure projects in India.

Daljeet Singh Khatri, executive director (finance) of REC, and Prasad Gadkari, executive director and chief strategy officer of NIIFL, officially signed the MoU. The signing ceremony, attended by Vivek Kumar Dewangan, CMD of REC, and Rajiv Dhar, CEO and MD of NIIFL, marked the commencement of this strategic partnership.

Vivek Kumar Dewangan said, “Empowering India’s growth through strategic financial partnerships, REC remains steadfast in its commitment to fuelling the nation’s progress. Our commitment to financing key infrastructure projects echoes our shared vision for a robust and interconnected future.”

Prasad Gadkari said, “The collaboration with REC aligns perfectly with NIIF’s broader strategy to enhance financing and attract private capital into the infrastructure sector. Through this partnership, we aim to develop innovative financial solutions supporting major infrastructure.”

This collaboration is in line with NIIF’s broader strategy to bolster financing and attract private capital into the infrastructure sector. REC, classified as a Maharatna Central Public Sector Enterprise (CPSE), stands at the forefront of financing projects spanning the power and non-power infrastructure sectors. The entity’s diverse portfolio encompasses initiatives related to generation, distribution, transmission, renewable energy and cutting-edge technologies such as battery storage, electric vehicles, green ammonia and green hydrogen projects.