REC to finance 2 green hydrogen, thermal project worth Rs 40,000 crore

The collaboration will contribute significantly to the state's power generation capacity and energy infrastructure, REC said

power, electricity, plant, renewables, thermal
Press Trust of India New Delhi
2 min read Last Updated : Oct 16 2023 | 4:09 PM IST

State-owned REC Ltd on Monday announced signing of initial pacts to finance two green hydrogen and a thermal power project in Odisha.

REC has signed an MoU with Odisha Power Generation Corporation (OPGC) to finance Rs 9,538 crore for development of two units of a thermal power project in Jharsuguda, Odisha, the company said in a statement.

The collaboration will contribute significantly to the state's power generation capacity and energy infrastructure, REC said.

Under a partnership with Acme Group, REC will provide a funding of Rs 16,000 crore for a green hydrogen and ammonia facility proposed at Gopalpur in the state.

It has also entered into an MoU with Avaada Group, pledging Rs 15,000 crore for a green hydrogen and ammonia facility at Gopalpur, REC said.

The total worth of all MoUs is Rs 40,538 crore.

Also Read

"This initiative underscores the importance of sustainable and clean energy solutions for the future. We are committed to supporting energy transition initiatives in India. We are planning to increase our renewable energy portfolio 10-fold to Rs 3 lakh crore by 2030 from Rs 30,000 crore at present," REC CMD Vivek Kumar Dewangan told PTI over phone.

REC, under Ministry of Power, is a non-banking finance company (NBFC) focusing on power sector financing in India.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

More From This Section

Topics :RECOdisha Thermal Power Generationhydrogen

First Published: Oct 16 2023 | 4:09 PM IST

Next Story