Company Profile
REC provides financing services for power generation, transmission, and distribution projects in India. The company primarily offers long, medium, and short-terms loans. Its portfolio also includes debt refinancing, equity financing, financing of equipment manufacturing for power sector and coal mines, policy for funding against regulatory assets, and revolving bill payment facility services, and provides letter of undertaking in lieu of bank guarantee, etc. It also acts as a nodal agency for the implementation of Pradhan Mantri Sahaj Bijli Har Ghar Yojana, Pradhan Mantri Surya Ghar Muft Bujli Yojana, Deen Dayal Upadhyaya Gram Jyoti Yojana, and National Electricity Fund.
Additionally, it acts as the bid process coordinator for selection of transmission service provider through tariff based competitive bidding process for independent inter-state and intra-state transmission projects.
Its portfolio also includes provides project implementation and consultancy services in power sector, and operates National Feeder Monitoring System, a cloud-based IT and analytical platform, designed to monitor the reliability and quality of power.
The company serves central/state government power utilities, as well as private sector power utilities. REC Limited was formerly known as Rural Electrification Corporation Limited and changed its name to REC Limited in October 2018. The company was incorporated in 1969 and is based in Gurugram, India. REC Limited is a subsidiary of Power Finance Corporation Limited.