REC Limited has signed the first MoU with the MP Power Management Company Limited (MPPMCL), to extend financial assistance of `15,086 crores for upcoming Sarani and Amarkantak thermal power projects, system improvement works, technology upgradation,
renovation & modernization etc.
The second MoU has been inked with Rewa Ultra Mega Solar Ltd. (RUMSL) wherein REC will commit a sum of `1,000 crores as financial assistance for renewable energy projects covering the development of renewable energy parks/projects, and/or 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% of its electricity through renewable sources by financial year 2024, 30% by FY 2027 and
50% by FY 2030. REC has the vision to become a leading financial services provider in the renewable energy space.
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 `5,000 crores been committed to MP DISCOMs to further strengthen the distribution reforms.
