REC signs MoU with Rajasthan Govt to finance power & infrastructure projects

New Delhi: REC Limited has signed a memorandum of understanding (MoU) on March 10 in Jaipur with the Government of Rajasthan, to finance projects across power and non-power infrastructure sectors with an investment of up to Rs 20,000 crore per annum for a period of six years, extending up to 2030.

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The MoU has been signed in the presence of several dignitaries including Chief Minister of Rajasthan Bhajan Lal Sharma; Deputy Chief Minister, Govt. of Rajasthan Diya Kumari; Minister of State for Energy, Government of Rajasthan Heera Lal Naagar; Chief Secretary of Government of Rajasthan Sudhansh Pant; Secretary, Ministry of Coal Amrit Lal Meena; REC CMD Vivek Kumar Dewangan; and CMDs from NTPC, Power Grid, NLC India, and Director, Coal India.

Union Minister of Power and New & Renewable Energy RK Singh and Union Minister of Coal Prahlad Joshi, addressed the ceremony via virtual conference and extended their best wishes for the initiatives undertaken by the Government of Rajasthan.

Speaking about the agreement, Dewangan said, "We are proud to collaborate with the Government of Rajasthan in its mission to enhance infrastructure development across the state. Through this partnership, we aim to support sustainable growth and address the evolving energy needs of the region along with development of other infrastructure sectors."

Under this agreement, REC Limited will provide loans of upto Rs 20,000 crores annually for next six years to various departments, undertakings, institutions and schemes of the Rajasthan government. With this MoU, there will be a rapid increase in projects related to the state's infrastructure sector like power projects, metro, roads & highways, airports, IT infra, oil refinery, steel infra, ports & waterways, fiber optics, telecom, health sector, tourism infrastructure, agriculture and other infra projects. This collaboration underscores REC's commitment to supporting the development of both power and non-power infrastructure in Rajasthan, thereby contributing to the state's economic growth and prosperity.

On the occasion, MoUs worth Rs. 1.6 lakh crore were signed by Central Public Sector Undertakings (CPSUs) under the Ministry of Power and Ministry of Coal with the Govt. of Rajasthan. These agreements marked a substantial commitment towards bolstering infrastructure development and driving economic growth in the region.

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