Avaada signs MoU with REC to fund energy transition projects

Avaada Group has signed a MoU with REC Limited for financing its energy transition projects in Odisha. As a part of the MoU, Avaada Group will receive the funding support of Rs 150 billion from REC Limited.

The collaboration aims to speed up the shift towards clean energy and assist India in becoming a leading worldwide center for the production of green hydrogen and its byproducts. Furthermore, given the growing need for eco-friendly energy, Odisha has launched various initiatives to draw investments into the energy industry, particularly emphasising rapid decarbonisation.

In September 2023, REC Limited signed a MoU with the Punjab National Bank to look together for the possibility of financing projects in the infrastructure and logistics sector and power sector as a part of consortium arrangement. Over the next three years, REC and PNB would work together to co-finance funds equaling Rs 550 billion.

In the same month, Serentica Renewables successfully secured Rs 30 billion from REC Limited in debt funding to help in the development of its upcoming hybrid clean energy projects.