REC inks three strategic MoUs
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Gurugram, 11th January, 2023: REC Limited – A Maharatna CPSE under Ministry of Power, inked strategic MoUs in the backdrop of the Madhya Pradesh Global Investors Summit 2023. The summit has drawn interest both at the national and international stage and witnessed participation from more than 314 companies.
The first MoU was signed with the MP Power Management Company Limited (MPPMCL), to extend financial assistance of ₹15,086 crores for upcoming Sarani and Amarkantak thermal power projects, system improvement works, technology upgradation, renovation & modernization etc.
The second MoU was inked with Rewa Ultra Mega Solar Ltd. (RUMSL) wherein REC will commit a sum of ₹1,000 crores as financial assistance for renewable energy projects covering the development of renewable energy parks/projects, and/or associated infrastructure including power evacuation. RUMSL has been designated as Solar Power Park Developer (SPPD) by the Ministry of New and Renewable Energy (MNRE) to develop large-scale solar parks in the state of Madhya Pradesh. This project will be a key addition to realize the renewable energy targets of Madhya Pradesh. The state aims to generate 20% of its electricity through renewable sources by financial year 2024, 30% by FY 2027 and 50% by FY 2030. REC has the vision to become a leading financial services provider in the renewable energy space.
Additionally, REC in partnership with World Bank has designed a financing facility for select state owned electricity distribution companies. As a part of this REC-World Bank program, the total volume of financing available shall be USD 1 Billion. Under this umbrella REC committed an amount of ₹5,000 crores been committed to MP DISCOMs to further strengthen the distribution reforms.
About REC Limited: REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years in the area of its operations. It provides financial assistance to complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy. REC’s funding illuminates every fourth bulb in India.