Maharashtra State Power Generation Company (Mahagenco), Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) have entered into a memorandum of agreement (MoA) whereby Mahagenco will get loans from PFC and REC to finance its 2,000 MW generation programme. Under the programme, Mahagenco will construct 250 MW plants each at Parali and Paras. It will also add 500 Mw capacity at it's Khaperkheda plant and 1,000 MW at the Bhusawal plant over the next 30 months at a total cost of about Rs 8,609 crore.PFC and REC will provide Rs 3,471 crore and Rs 3,300 crore respectively for these projects. The MoA was signed by Ajoy Mehta, managing director of Mahagenco, V K Garg, chairman & managing director of PFC and Anil Kumar Lakhina, chairman & managing director of REC. Mahagenco will get these loans at 9.75% interest and will have to repay the amount in 10 years. The assets (generation plants) to be constructed, will be mortgaged to PFC and REC, against the loan.
