MPPMCL gets Rs.15,086cr for Sarani-Amarkantak thermal plants
Homegrown REC Ltd in partnership with World Bank has designed a US$1 billion financing facility for selected state owned electricity distribution companies.
As a part of this REC-World Bank program, REC has committed Rs.5,000 crores to DISCOMs in Madhya Pradesh to further strengthen the distribution reforms.
REC announced the financing facility on 12 Jan at the Madhya Pradesh Global Investors Summit 2023.
It has also signed the first MoU with the MP Power Management Company Limited (MPPMCL), extending Rs.15,086 crore financial assistance for the upcoming Sarani and Amarkantak thermal power projects, system improvement works, technology upgradation, renovation and modernization etc.
REC has also signed Rs.1,000 crore financial assistance MoU with Rewa Ultra Mega Solar Ltd (RUMSL) for renewable energy projects covering the development of renewable energy parks, projects and 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 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 highlighted vision to become a leading financial services provider in the renewable energy space.
The summit has drawn interest both at the national level and international stage as it drew participation from more than 314 companies. fiinews.com
