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India’s REC approves US$1bn in funding for two renewable projects (2 GW)

The Indian public infrastructure finance company REC has approved a funding of INR61bn (US$731m) to Greenko to develop a 1,440 MW standalone pumped-storage hydropower project. In addition, REC has also approved debt funding of INR31bn (US$371m) to Serentica Renewables’ 560 MWp greenfield solar-wind hybrid project located in Gadag, Karnataka (India).

At the end of 2022, solar and wind accounted for 22% of installed capacity in India, with respectively 63 GW and 42 GW, while hydropower capacity surpassed 51 GW. India plans to increase its non-fossil fuel capacity to 500 GW and meet 50% of its energy requirements from renewables by 2030.

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