Rural Electrification Corporation (REC) has signed three Memorandum of Understandings (MoUs) for extending financial assistance to the tune of Rs 60,000 crore for next 5 years (i.e upto March, 2022). The company has signed the MoUs with Andhra Pradesh Power Generation Corporation (APGENCO) for financial assistance upto Rs 40,000 crore; Transmission Corporation of Andhra Pradesh (APTRANSCO) for financial assistance upto Rs 10,000 crore; and AP DISCOMs for financial assistance upto Rs 10,000 crore.
Apart from financial assistance, power utilities have agreed for availing Consultancy and Management Services from wholly owned subsidiaries of REC i.e REC Power Distribution Company (RECPDCL) and REC Transmission Projects Company (RECTPCL), for their various activities/projects for next 5 years.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.
