India's rural power company eyes lending push for renewables

New Delhi

RURAL Electrification Corp (REC), a state-owned backer of India's power sector, plans to lend billions of rupees to clean energy projects and equipment makers this fiscal year as part of an expanded push into renewables that will also see it issue green bonds overseas.

The non-banking financial company is aiming to triple its clean energy lending and is expecting to set aside nearly 100 billion rupees (S$2.2 billion) for renewable energy in the financial year ending March 31, chairman PV Ramesh said in an interview.