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REC to provide Rs 4,527.68 Cr loan for DVC

Aug 27th, 2023 11:23 am | By | Category: SPECIAL NEWS COVERAGE


(THE NEWSMAN OF INDIA.COM)
REC Limited has entered into a pact with Damodar Valley Corporation (DVC) as part of which it will provide Rs 4,527.68 crore loan to set up a 1,320 MW project (2×660 MW) at Raghunathpur in West Bengal.

The Raghunathpur Phase-II project — a collaborative effort between REC and DVC — will contribute significantly to the power generation capacity in West Bengal. With a combined capacity of 1,320 MW, the project marks a key milestone in the region’s energy landscape.

As the project progresses, REC and DVC remain dedicated to ensure its successful implementation, adhering to the highest standards of efficiency, innovation, and environmental responsibility. This strategic partnership between REC and DVC underlines their collective commitment to foster sustainable development and strengthen the power sector.

The agreement was signed in the presence of SRam Naresh Singh, Chairman; Arup Sarkar Member (Finance); Dr. John Mathai, Member-Secretary; M. Raghu Ram, Member (Technical); Joydeep Mukherjee, ED (Finance) & Sumit Kumar Das, Sr. GM (Finance) from Damodar Valley Corporation and Pankaj Verma, CPM from REC Ltd.

REC Limited is an NBFC focusing on Power Sector Financing and Development across India. It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy. REC’s funding illuminates every fourth bulb in India.

DVC is a public sector undertaking engaged in power generation and transmission, catering to the energy needs of the eastern region of the country.

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