REC commits over Rs 40,000 cr for projects in Odisha

New Delhi: State-owned REC Ltd on Monday announced signing of initial pacts to finance two green hydrogen and a thermal power project in Odisha.

REC has signed an MoU with Odisha Power Generation Corporation (OPGC) to finance Rs 9,538 crore for development of two units of a thermal power project in Jharsuguda, Odisha, the company said in a statement.

The collaboration will contribute significantly to the state's power generation capacity and energy infrastructure, REC said.

Under a partnership with Acme Group, REC will provide a funding of Rs 16,000 crore for a green hydrogen and ammonia facility proposed at Gopalpur in the state.

It has also entered into an MoU with Avaada Group, pledging Rs 15,000 crore for a green hydrogen and ammonia facility at Gopalpur, REC said.

The total worth of all MoUs is Rs 40,538 crore.

"This initiative underscores the importance of sustainable and clean energy solutions for the future. We are committed to supporting energy transition initiatives in India. We are planning to increase our renewable energy portfolio 10-fold to Rs 3 lakh crore by 2030 from Rs 30,000 crore at present," REC CMD Vivek Kumar Dewangan told PTI over phone.

REC, under Ministry of Power, is a non-banking finance company (NBFC) focusing on power sector financing in India.