State-owned REC Ltd, formerly known as Rural Electrification Corporation Limited, will extend financial support of Rs. 21,086 crore to Discoms in Madhya Pradesh, MP Power Management Company Limited, and Rewa Ultra Mega Solar project.
According to the reports REC has inked three separate pacts with Discoms in Madhya Pradesh, MP Power Management Company Limited (MPPMCL), and Rewa Ultra Mega Solar Ltd.
The Ministry of Power said in a statement on Thursday that an MoU has been signed with MPPMCL to extend financial support of Rs. 15,086 crore for the upcoming Sarani and Amarkantak thermal power Projects besides other system improvement works, technology upgradation, and modernization among other projects in Madhya Pradesh.
Another pact has been signed with Rewa Ultra Mega Solar Ltd where the company will provide Rs.1000 crore of financial support for the development of renewable energy projects covering green energy parks/projects, and/or associated infrastructure including power evacuation.
According to the reports, additionally, as part of a REC World Bank program, REC has committed an amount of Rs.5000 crore to the Discoms of MP to further strengthen the distribution reforms.
Under the Ministry of power, REC provides financial assistance to power sector projects across all segments- development, generation, transmission or distribution.