REC Limited has signed agreements to fund two green hydrogen and thermal power projects. The projects will be situated in Odisha. For this, REC and Odisha Power Generation Corporation Limited have signed MoUs to fund Rs 95.38 billion for setting up unit 5 and 6 of 660 MW thermal project in Jharsuguda, Odisha. The partnership will have a substantial impact on the state’s energy infrastructure and its capacity for power generation.
Furthermore, REC has partnered with Acme Group to allocate Rs 160 billion in funding for the establishment of a green hydrogen and ammonia facility. The facility will be set up in Gopalpur, Odisha. Additionally, REC has signed a MoU with Avaada Group, committing Rs 150 billion for the development of a green hydrogen and ammonia facility in Gopalpur. The combined value of all the MoUs is Rs 405.38 billion. This endeavor highlights the significance of sustainable and clean power options for the future.
In September 2023, REC Limited and the Punjab National Bank have signed a MoU to look together for the possibility of financing projects in the infrastructure and logistics sector and power sector as a part of consortium arrangement.
In the same month, Serentica Renewables successfully secured Rs 30 billion from REC Limited in debt funding. The assistance from REC Limited is anticipated to help Serentica Renewables in the development of its upcoming hybrid clean energy projects.