REC inks MoUs worth Rs 40,538 crore for sustainable energy projects in Odisha

REC’s green hydrogen projects: REC Ltd, a government-owned entity, has recently inked preliminary agreements to fund two green hydrogen projects and a thermal power venture in Odisha. In a statement, REC confirmed an MoU with Odisha Power Generation Corporation (OPGC), pledging Rs 9,538 crore for the development of two units of a thermal power project in Jharsuguda, Odisha.

This partnership is going to make a major contribution to Odisha's power generation capacity and bolster the energy infrastructure, as stated by REC. Additionally, REC is set to extend financial support of Rs 16,000 crore for a green hydrogen and ammonia facility proposed at Gopalpur in collaboration with the Acme Group.

Furthermore, REC has also entered into an MoU with Avaada Group, committing Rs 15,000 crore for another green hydrogen and ammonia facility at Gopalpur. The cumulative value of these Memorandums of Understanding (MoUs) stands at an impressive Rs 40,538 crore.

We are committed to support energy transition in India: REC CMD

Vivek Kumar Dewangan, CMD of REC, emphasised the importance of sustainable and clean energy solutions for the future. He conveyed REC's strong commitment to backing energy transition initiatives within India. 

"This initiative underscores the importance of sustainable and clean energy solutions for the future. We are committed to supporting energy transition initiatives in India. We are planning to increase our renewable energy portfolio 10-fold to Rs 3 lakh crore by 2030 from Rs 30,000 crore at present," REC CMD Vivek Kumar Dewangan told PTI 

REC, operating under the aegis of the Ministry of Power, is a non-banking finance company (NBFC) with a dedicated focus on power sector financing in India.

(With PTI inputs)