REC has signed three memorandums of understanding (MoUs) totalling Rs 40,358 crore to finance various projects in Odisha over the coming years. The signing ceremony took place in the presence of REC officials and Principal Secretary Industries, Hemant Kumar.
The MoUs will foster development and sustainability in the region, led by its partnerships with Odisha Power Generation Corporation (OPGC), Acme Group, and Avaada Group, towards enhancing energy infrastructure.
REC and OPGC have joined forces to finance Rs 9,538 crore for the development of Unit 5&6, a 660 MWx2 thermal power project in Jharsuguda, Odisha. This collaboration is expected contribute to the state's power generation capacity.
Further, in a groundbreaking partnership with the Acme Group, REC will provide funding of Rs 16,000 crore for a green hydrogen and ammonia facility in Gopalpur, in a move towards sustainable and clean energy solutions for the future. Similarly, REC has entered into an agreement with the Avaada Group, pledging Rs 15,000 crore for an the upcoming green hydrogen and ammonia facility in Gopalpur, Odisha.
REC is an NBFC focusing on power sector financing and development for various types of projects including generation, transmission, distribution and renewable energy (RE).
