Apraava Energy secures Rs 91.2 billion from REC, PFC

Apraava Energy has signed a MoU with REC Limited and Power Finance Corporation Limited to raise Rs 91.2 billion for its transmission, wind and advanced metering infrastructure projects in India. The MoUs were signed at the Green Finance Summit which was held on July 21, 2023. The summit also hosted the Clean Energy Ministerial and the Energy Transition Working Group Ministerial.

Recently, in August 2023, Apraava Energy secured two interstate transmission projects in Rajasthan. The projects had been won under a tariff-based competitive bidding process and will be constructed on the basis of build, own, operate and transfer model. The scope of work under the project includes ownership, financing, development, design, engineering, procurement, construction, commissioning, and operations and maintenance. Furthermore, the company will provide transmission services for a period of 35 years, at the end of which, the project will be passed to the Central Transmission Utility. The commissioning timeline for both the projects is scheduled to be 18 months. These are the first greenfield transmission projects undertaken by the Apraava Energy.  The projects are a part of the Phase 3 plan to evacuate 20 GW of power from renewable energy zones in Rajasthan.