The ministry of new and renewable energy has designated REC as the nodal agency for the implementation of Pradhan Mantri Suryodaya Yojana, aimed at installing rooftop solar at 10 million households, the company’s chairman and managing director Vivek Kumar Dewangan said on Tuesday.
REC will be providing line of credit to the tune of Rs 15,000 crore each to eight central public undertakings identified for the implementation of rooftop solar, among other private developers and vendors, amounting to a total credit of Rs 120,000 crore.
“Today, in our board meeting, the board has authorised management of REC to issue a line of credit to central public sector undertakings which are going to act as renewable energy service company (for the scheme) to the tune of about Rs 15,000 crore,” Dewangan said. “There are eight CPSUs who are going to implement the solar rooftop. We are committed that we will be able to give LoC up to Rs 120,000 crore for rooftop solar mission,” he added.
Prime Minister Narendra Modi on Monday had announced the launch of Pradhan Mantri Suryodaya Yojana with an aim to install rooftop solar power systems at 10 million households across the country.
The chairman said that the government is in the process of revising the National Rooftop Policy and will come out with the guidelines soon, adding that the policy was already at bay.
“PM Suryodaya Yojana is being conceptualized and guidelines will be issued by MNRE shortly. They are considering increasing the subsidy for the lowest segment from 1-3 kilowatt category. The subsidy amount was being given at 40% for up to 1-3 kilowatt category and at 20% beyond 3 kW category to up to 10 kW,” he said.
In the past, REC has also acted as the nodal agency for various other nationwide schemes under the power ministry including rural electrification under the Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) and the Sahaj Bijli Har Ghar Yojana (SAUBHAGYA) scheme.
REC, a ‘maharatna’ Central Public Sector Enterprise under the ministry of power, recorded a 13.5% increase in its consolidated net profit for quarter under review at Rs 3,308.42crore from Rs 2,915.33 crore in the same period last year.
The company’s loan sanctions also soared by 177% to Rs 1,32,049 crore, compared to Rs 47,712 crore in Q3 FY23. Of this, the renewable sector contributed 57%. REC disbursed Rs 46,358 crore against Rs 29,639 crore in the corresponding quarter last year.
Its annualised earnings per share (EPS) also accelerated to Rs 50.65 per share as of December 31, 2023 from Rs 40.79 per share in the previous year, the company said on Tuesday.