PMI Electro Mobility, an electric commercial vehicles manufacturer announced signing a memorandum of understanding (MoU) with REC Limited. For the next five years, the company will receive funding of Rs 4.8 billion from REC Limited up to March2028. The MoU was signed during the Green Finance Summit hosted by REC Limited.
In July 2023, Hero Future Energies Private Limited (HFE) announced the signing of a MoU with REC Limited and PFC Limited to develop green energy projects. HFE will receive Rs 31 billion from PFC Limited and REC Limited each for the purpose of funding and developing renewable projects across the country. The company plans to use the funding for utility projects, green hydrogen derivatives including solar and wind for industrial and commercial customers.
Earlier this month, Avaada Group signed a MoU with the REC Limited. This agreement has been made to support Avaada’s diverse energy transition ventures, with the total investment reaching Rs 200 billion.