HomeBusiness ›REC to Provide INR 1.2 Lakh Crore for Pradhan Mantri Suryoday Yojana Rooftop Solar Installation

REC to Provide INR 1.2 Lakh Crore for Pradhan Mantri Suryoday Yojana Rooftop Solar Installation

The decision follows Prime Minister Narendra Modi's recent announcement of the scheme aimed at installing rooftop solar in one crore houses.

January 24, 2024. By Abha Rustagi

REC Ltd. has announced plans to lend up to INR 1,20,000 crore for the installation of rooftop solar panels under the Pradhan Mantri Suryoday Yojana.

The decision follows Prime Minister Narendra Modi's recent announcement of the scheme aimed at installing rooftop solar in one crore houses. 

REC's Chairman and Managing Director, Vivek Kumar Dewangan, confirmed that the Ministry of New and Renewable Energy (MNRE) has designated REC as the overall program implementation agency for the rooftop solar scheme.

Dewangan stated that REC's Board has authorized the management to issue a Line of Credit to eight central public sector undertakings (CPSEs), acting as renewable energy service companies, to the tune of about INR 15,000 crore each. 

REC aims to provide a line of credit up to INR 1.20 lakh crore for the rooftop solar mission. It has been given a target of achieving 40 GW of rooftop solar installations sanctioned by 2026. 

With the latest rooftop solar scheme for households, the company anticipates achieving over 10 GW of this target within a year. 
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