During the UP Global Investors Summit in Delhi, state-owned REC said it signed non-binding Memorandums of Understanding (MoUs) with the Uttar Pradesh (UP) government to extend financial assistance for various projects that will help UP in job creation as well as exponential growth in the state.
These projects include a 14,103 crore power plant with a capacity addition of nearly 3,000 megawatts (MW), pollution control equipment, and allied works; transmission projects worth 7,800 crore for strengthening the state’s transmission system and network; and a 13,600 crore distribution project for strengthening infrastructure and reducing aggregate technical and commercial losses.
The REC statement shared with exchanges also mentioned harnessing renewable energy at a cost of 45,350 crore for the addition of 10000 MW capacity, as well as multiple infrastructure development projects in UP state totaling 20,000 crore across various sectors.
Furthermore, the company stated that during the MP Global Investors Summit 2023, the REC signed a non-binding Memorandum of Understanding (MOU) with MP Power Management Company (MPPMCL) to extend financial assistance in the amount of Rs 15,086 crore for upcoming Sarani and Amarkantak thermal power projects, system improvement works, technology upgradation, renovation, and modernisation.
REC, formerly Rural Electrification Corporation, is a subsidiary of the Union Power ministry’s Power Finance Corporation. It finances and promotes energy projects throughout India. The PSU makes loans to the country’s central or state-owned power utilities, state electricity boards, rural electric cooperatives, non-governmental organisations, and private power developers.