Bhubaneswar: REC Ltd (formerly Rural Electrification Corporation Limited) has announced the signing of preliminary agreements to finance two projects in Odisha: two green hydrogen and one thermal power.
The company has signed a Memorandum of Understanding (MoU) with Odisha Power Generation Corporation (OPGC) for a sum of Rs 9,538 crore. According to a statement by the company, this sum is allotted for the development of two units of a thermal power project located in Jharsuguda, Odisha.
REC said that this partnership will make a significant contribution to the capacity of the state’s power generation and overall energy infrastructure.
REC, in partnership with Acme Group, will extend a funding of Rs 16,000 crore for a green hydrogen and ammonia facility to be situated in Gopalpur, Odisha.
Additionally, REC has also entered into another MoU with the Avaada Group, pledging Rs 15,000 crore for a green hydrogen and ammonia facility, also located at Gopalpur. The cumulative value of all these MoUs stands at Rs 40,538 crore.
Vivek Kumar Dewangan, the Chief Managing Director (CMD) of REC, in talks with media outlets said, “This initiative underscores the importance of sustainable and clean energy solutions for the future. We are committed to supporting energy transition initiatives in India. We are planning to increase our renewable energy portfolio 10-fold to Rs 3 lakh crore by 2030 from Rs 30,000 crore at present.”
As a non-banking finance company (NBFC) under the Ministry of Power, REC is dedicated to providing financial support for the power sector in India.
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