India has a growing share of renewable energy in its generation mix, however fossil fuel remains the largest source of electricity generation in the country, contributing significantly to greenhouse gas emissions, air pollution, water consumption, and associated public health and environmental impacts. To address these challenges and support sustainable economic growth, the Government of India has accelerated its clean energy transition. Under the Nationally Determined Contribution, the country aims to achieve 60 % cumulative power installed capacity from non-fossil fuel-based energy resources by 2035 and net-zero emissions by 2070.

India needs approximately USD 360 billion of investment to achieve these targets. This provides an opportunity for a Non-Banking Financial Company and Infrastructure Finance Company such as REC Limited (REC), which is a listed central public sector enterprise under the Ministry of Power and a major player in the renewable energy sector, to bridge the financing gap.