“In the loan book of REC, PFC, renewables are largely driving the growth. Renewables by nature are much less riskier to invest in or to lend to than a thermal plant or a hydro plant or a biomass based plant and, hence the risk of NPAs to these entities are much lesser. Book value of PFC, REC is between 1.3 and 1.5 times vs IREDA which is almost two times book value.”