REC inks three MoUs worth Rs 40,358 crore to finance various projects in Odisha

REC Ltd. | Finance Term Lending | BFSI | BSE: 532955 | NSE: RECLTD

16 Oct 2023 Evaluate

REC has signed three memorandum of understandings (MoUs) totalling Rs 40,358 crore to support and finance various projects in the vibrant state of Odisha. The MoUs signed exemplify REC's commitment to fostering development and sustainability in the region.

REC and Odisha Power Generation Corporation (OPGC) have joined forces to finance Rs 9,538 crore for the development of Unit 5&6, a 660 MW x 2 thermal power project in Jharsuguda, Odisha. This collaboration will contribute significantly to the state's power generation capacity and energy infrastructure.

A groundbreaking partnership between REC and the Acme Group will provide funding of Rs 16,000 crore for an ambitious Green Hydrogen and Ammonia facility in Gopalpur, Odisha. This initiative underscores the importance of sustainable and clean energy solutions for the future.

In another stride towards sustainability, REC has entered into an agreement with the Avaada Group, pledging Rs 15,000 crore for an upcoming Green Hydrogen and Ammonia facility in Gopalpur, Odisha. This endeavour is poised to make a substantial contribution to the green energy landscape in the state.

These MoUs collectively represent a financial commitment of Rs 40,358 crore over the coming years in the state of Odisha. REC's dedication to the region's progress, combined with its partnerships with OPGC, Acme Group, and Avaada Group, will play a pivotal role in enhancing energy infrastructure, promoting sustainable practices, and generating economic growth in Odisha.

REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them.

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Peers

Company Name	CMP
Power Finance Corp	461.00
REC	359.35
Indian Railway Fin.	106.05
NHIT	160.00
Satin Creditcare	212.55
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