GUVNL Launches Green Financing Fund at RE-INVEST

Gujarat Urja Vikas Nigam Ltd (GUVNL) introduced a green financing fund during the 4th Global Renewable Energy Investors Meet and Expo (RE-INVEST). Chaired by Minister Kanubhai Desai, the initiative aims to support renewable energy projects in Gujarat, with REC Ltd anchoring the fund and a focus on installing 100 GW of renewable energy by 2030.

Gujarat Urja Vikas Nigam Ltd (GUVNL) has announced a green financing fund at the 4th Global Renewable Energy Investors Meet and Expo (RE-INVEST).

The dedicated fund, established in collaboration with sovereign wealth funds, green funds, and multilateral agencies, will provide financial resources directly to developers awarded GUVNL's renewable energy (RE) bids.

The announcement followed a critical roundtable discussion on 'Climate Finance Opportunities for Gujarat', chaired by Kanubhai Desai, Minister of Finance, Energy and Petrochemicals for the state. Desai emphasized the priority of installing 100 GW of renewable energy by 2030, highlighting the significant financial support needed to reach this goal.

Jai Prakash Shivahare, MD of GUVNL, noted that a tripartite agreement between GUVNL, the fund, and project developers, structured around an escrow account, will secure the repayment of loans by developers. This secure funding mechanism aims to elevate the state's status as a leader in India's renewable energy sector. Rec Ltd, a Maharatna company under the Ministry of Power, has agreed to anchor the fund.

REC Ltd CMD V K Dewangan expressed delight in supporting the RE projects being developed in Gujarat. This initiative aligns with GUVNL's plan to add 44 GW of RE capacity and 11 GW/55 GWh of energy storage systems by 2030.