REC along with BOI to cofinance projects worth Rs 30,000 cr in next 5 yrs
The partnership will significantly add to the state’s power generation capacity and energy infrastructure, REC said Photo: Bloomberg
REC Ltd on Wednesday signed an agreement with the Bank of India to co-finance Rs 30,000 crore worth of projects in the power, infrastructure and logistics sectors over the next five years under a consortium agreement.
REC, a Maharatna company, provides long-term loans and other financing to the power sector. The company, which has also diversified into areas like roads, metro rail, airports and IT, had a loan book of Rs 4.54 lakh crore as of June 2023.
Under the agreement, REC and BoI will work together to co-finance loans worth Rs 30,000 crore for infrastructure projects that can be implemented over the next five years, REC said in a statement.
Earlier this week, REC Ltd signed agreements to finance two green hydrogen, thermal projects worth Rs 40,000 crore, Odisha Power Generation Corporation (OPGC) and Acme Group.
REC signed an MoU with OPGC to finance Rs 9,538 crore for the development of two units of a thermal power project in Jharsuguda, Odisha, the company said in a statement.
The partnership will contribute significantly to the state’s power generation capacity and energy infrastructure, REC said.
Under a partnership with Acme Group, REC will provide financing of Rs 16,000 crore for a green hydrogen and ammonia facility proposed at Gopalpur in the state.
First print: Oct 19, 2023 | 0:04 am IST