Rural Electrification Corporation Limited (REC) inked strategic MoUs in the backdrop of the Madhya Pradesh Global Investors Summit 2023. The first MoU was signed with the Madhya Pradesh Power Management Company Limited (MPPMCL) to extend financial assistance of Rs 150.86 billion for upcoming Sarani and Amarkantak thermal power projects, system improvement works, technology upgradation, renovation and modernisation.
The second MoU was inked with Rewa Ultra Mega Solar Limited (RUMSL) wherein REC will commit a sum of Rs 10 billion 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 to develop large scale solar parks in the state of Madhya Pradesh. This project will be a key addition to realise the renewable energy targets of Madhya Pradesh. The state aims to generate 20 per cent of its electricity through renewable sources by 2024, 30 per cent by 2027 and 50 per cent by 2030.
The summit has drawn interest both at the national and international stage and witnessed participation from more than 314 companies. Additionally, REC in partnership with the 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 $ 1 billion.