Maharashtra State Electricity Transmission Company (MSETCL) today signed an MoU with Rural Electrification Corporation (REC) to raise Rs 4,000 crore over the next three years for various transmission projects.
The MoU was signed at a function here between top officials of REC and MSETCL in the presence of State Energy Minister Sunil Tatkare.
REC is to lend funds to MSETCL at an interest rate of 11.25 per cent per annum.
REC, a Navratna PSU, is engaged in the financing and promotion of rural electrification and other power sector projects.
MSETCL is one of the largest power transmission utilities in the country.
The utility is adding 124 sub-stations, 9,379 kilometres of transmission lines and a large amount of transformation capacity.
REC Chairman and Managing Director P Umashankar said the company has targeted to finance power projects worth Rs 22,000 crore in the current financial year.
