REC signs MoUs with 3 firms to build green power projects in Odisha

Collaborative ventures, with OPGC, Acme Group, and Avaada Group, seek to enhance the energy infrastructure and spur economic growth in the state," a company statement said.

REC Ltd (Formerly Rural Electrification Company) announced on October 15 that it has signed three Memorandums of Understanding (MoUs) amounting to Rs 40,358 crore to finance various projects in Odisha.

The MoUs have been signed to finance and support two green hydrogen initiatives and a conventional power scheme.

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REC top brass, such as CMD Vivek Kumar Dewangan, Nikunj B Dhall, ACS Energy of the Government of Odisha, senior representatives from the Acme and Avaada Groups, and collaborators on these projects, were present at the signing.

REC and Odisha Power Generation Corporation (OPGC) have come together to finance a total sum of Rs 9,538 crore for developing a 660 MW x 2 thermal power project in Jharsuguda in the western part of the state.

In addition, the Navratna company signed an MoU with Acme Group for setting up a Rs 16,000 crore Green Hydrogen and Ammonia facility in Gopalpur in southern Odisha. Moreover, it inked a similar deal worth Rs 2,15,000 crore with Avaada Group for building another Green Hydrogen and Ammonia facility in the same location.

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"These MoUs collectively represent a commitment of Rs 40,358 crore in the coming years for the state of Odisha, the collaborative ventures, with OPGC, Acme Group, and Avaada Group, seek to enhance the energy infrastructure and spur economic growth in the state," a company statement has stated.