REC inks three strategic MoUs at MP Global Investors Summit 2023

New Delhi: REC Limited has inked strategic MoUs in the backdrop of the Madhya Pradesh Global Investors Summit 2023. The summit has drawn interest both at the national and international stage and witnessed participation from more than 314 companies.

REC MoU with MPPMCL

The first MoU has been signed with the MP Power Management Company Limited (MPPMCL), to extend financial assistance of Rs 15,086 crores for upcoming Sarani and Amarkantak thermal power projects, system improvement works, technology upgradation, renovation and modernization etc.

REC MoU with RUMSL

The second MoU has been inked with Rewa Ultra Mega Solar Limited (RUMSL) wherein REC will commit a sum of Rs 1,000 crores as financial assistance for renewable energy projects covering the development of renewable energy parks/projects and associated infrastructure including power evacuation. RUMSL has been designated as Solar Power Park Developer (SPPD) by the Ministry of New and Renewable Energy (MNRE) to develop large-scale solar parks in the state of Madhya Pradesh.

This project will be a key addition to realize the renewable energy targets of Madhya Pradesh. The state aims to generate 20 percent of its electricity through renewable sources by financial year 2024, 30 percent by FY 2027 and 50 percent by FY 2030. REC has the vision to become a leading financial services provider in the renewable energy space.

REC partnership with World Bank

Additionally, REC in partnership with World Bank has designed a financing facility for select state-owned electricity distribution companies. As a part of this REC-World Bank program, the total volume of financing available shall be USD 1 Billion. Under this umbrella, REC committed an amount of Rs 5,000 crores been committed to MP DISCOMs to further strengthen the distribution reforms.

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