REC commits ₹40,000 Crore for two Green Hydrogen and conventional projects in Odisha

Gurugram: REC Limited marked a significant milestone by signing three MoUs totalling ₹40,358 Crores to support and finance various projects in the vibrant state of Odisha. The signing ceremony took place in the presence of distinguished personalities, including Mr. Vivek Kumar Dewangan, CMD of REC Limited, Mr. Nikunj B Dhall, ACS Energy of the Government of Odisha, Hemant Kumar, Principal Secretary Industries, and other senior officials from both REC and the Government of Odisha. Senior representatives from the Acme and Avaada Groups, key partners in these ventures, also graced the occasion according to a company press note.

These MoUs collectively represent a financial commitment of ₹40,358 Crores over the coming years in Odisha. The MoUs signed on Saturday exemplify REC’s commitment to fostering development and sustainability in the region. The key highlights of the agreements are:

OPGC Partnership: REC and Odisha Power Generation Corporation (OPGC) have joined forces to finance ₹9,538 Crores for the development of Unit 5&6, a 660 MW x 2 thermal power project in Jharsuguda, Odisha. This collaboration will contribute significantly to the state’s power generation capacity and energy infrastructure.

Acme Group Collaboration: A groundbreaking partnership between REC and the Acme Group will provide funding of ₹16,000 Crores for an ambitious Green Hydrogen and Ammonia facility in Gopalpur, Odisha. This initiative underscores the importance of sustainable and clean energy solutions for the future.

Avaada Group Alliance: In another stride towards sustainability, REC has entered into an agreement with the Avaada Group, pledging ₹15,000 Crores for an upcoming Green Hydrogen and Ammonia facility in Gopalpur, Odisha.

REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years in the area of its operations. It provides financial assistance throughout the complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy.