Greenko, a renewable energy firm, has received a Rs 6,075 crore loan from REC Limited for the construction of a 1,440-megawatt Standalone Pumped Storage Project.

The Union Ministry of Power has designated REC Ltd as a Maharatna Central Public Sector Enterprise. REC Limited, founded in 1969, is an NBFC focused on power industry finance and development in India.

According to a press release from the Ministry of Power, REC is also in advanced talks with Greenko and is prepared to give financial support for a number of sustainable energy projects.

The Central Electricity Authority's National Electricity Plan predicts a fourfold increase in renewable installed capacity between fiscal years 2022-32 (7 times for solar, 5.5 times for pumped storage projects, and 3 times for wind).