REC inks three strategic MoUs for renewables
POWER & RENEWABLE ENERGY

REC inks three strategic MoUs for renewables

REC, a Maharatna CPSE under Ministry of Power, has inked three strategic MoUs in the backdrop of the Madhya Pradesh Global Investors Summit 2023. The summit has drawn interest both at the national and international stage and witnessed participation from more than 314 companies. The fir...

REC, a Maharatna CPSE under Ministry of Power, has inked three strategic MoUs in the backdrop of the Madhya Pradesh Global Investors Summit 2023. The summit has drawn interest both at the national and international stage and witnessed participation from more than 314 companies. The first MoU was signed with the MP Power Management, to extend financial assistance of Rs 150.86 billion for the upcoming Sarani and Amarkantak thermal power projects, system improvement works, technology upgradation, renovation and modernisation. The second MoU was inked with Rewa Ultra Mega Solar. REC will commit a sum of Rs 10 billion as financial assistance for renewable energy projects covering the development of renewable energy parks, projects, and associated infrastructure including power evacuation. This project will be a key addition to realise the renewable energy targets of Madhya Pradesh. The state aims to generate 20 per cent of its electricity through renewable sources by FY2024, 30 per cent by FY2027 and 50 per cent by FY2030. REC aims to become a leading financial services provider in the renewable energy space. Additionally, REC in partnership with World Bank has designed a financing facility for select state owned electricity distribution companies. As a part of this REC-World Bank program, the total volume of financing available shall be $1 billion. Under this umbrella, REC has committed Rs 50 billion to MP DISCOMs to further strengthen the distribution reforms.

Next Story
Infrastructure Transport

Tunnelling Begins for Thane, Borivali twin tunnel project

Tunnelling work has commenced for the 11.84-km Thane–Borivali Twin Tunnel, set to be India’s longest urban road tunnel, marking a key milestone in Mumbai’s infrastructure development.As per a post shared by Mumbai Metropolitan Region Development Authority on social media platform X, the tunnel boring machine (TBM) ‘Nayak’—the country’s largest single-shield hard rock TBM for an urban tunnel—was launched by Devendra Fadnavis on Tuesday. The event was attended by Eknath Shinde and Sunetra Pawar, among other dignitaries. A second TBM, ‘Arjuna’, is expected to be launched so..

Next Story
Infrastructure Transport

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..

Next Story
Infrastructure Energy

Government Cancels Auction Of Eleven Critical Mineral Blocks

The government has cancelled the auction of 11 critical and strategic mineral blocks after receiving a poor investor response and failing to attract a sufficient number of qualified bidders. The decision represents a setback to plans to ramp up domestic exploration and production of critical minerals amid global supply chain disruptions and rising demand for materials used in clean energy and advanced technologies. The mines ministry issued an annulment notice setting out the reasons for the cancellations. The annulment notice indicated that the auction process for five mineral blocks was canc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement