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.

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Infrastructure Energy

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

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Infrastructure Urban

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

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Infrastructure Energy

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..

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