REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, has signed an MoU with the Energy Management Centre (EMC), Government of Kerala, for collaboration and financing of Pumped Storage Projects (PSP) in Kerala. The MoU was signed during the Global Green Hydrogen & Renewable Energy Summit 2025.
Under this agreement, REC intends to finance ₹18,360 crore in the PSP segment in Kerala over the next five years.
The MoU was exchanged by Shri Saurabh Rastogi, Executive Director, REC, and Shri Dinesh Kumar, Joint Director, EMC, during the summit. The signing took place in the presence of Sh. K R Jyothilal, IAS, Additional Chief Secretary (Power), Government of Kerala; Shri M. Udaya Kumar, CPM, REC, Kerala, along with other dignitaries from EMC and the Kerala government.
The Government of Kerala is organizing the Global Green Hydrogen & Renewable Energy Summit in Kochi on March 12-13, 2025. The event is supported by the Kerala State Electricity Board (KSEB) and the Energy Management Centre (EMC).
The Energy Management Centre is an autonomous organization under the Department of Power, Government of Kerala.
About REC LIMITED
REC is a ‘Maharatna’ company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen, Green Ammonia projects etc. More recently REC Limited has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc.
REC Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Limited continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS).