Gurugram: REC Limited reached a significant milestone by signing three Memorandums of Understanding (MOUs) totalling Rs. 40,358 crore to support and finance various projects in the vibrant state of Odisha.
The MoUs signed demonstrate REC’s commitment to promoting regional development and sustainability. The following are the key points of the agreements:
REC-OPGC Collaboration: REC and Odisha Power Generation Corporation (OPGC) have partnered to finance Rs 9,538 crores for the development of Units 5 and 6, a 660 MW x 2 thermal power project in Jharsuguda, Odisha. This collaboration will help the state’s power generation capacity and energy infrastructure significantly.
Acme Group Collaboration: A groundbreaking collaboration between REC and the Acme Group will provide 16,000 crores in funding for an ambitious Green Hydrogen and Ammonia facility in Gopalpur, Odisha. This initiative emphasises the importance of future sustainable and clean energy solutions.
Avaada Group Alliance: REC has entered into an agreement with the Avaada Group, pledging 15,000 crores for an upcoming Green Hydrogen and Ammonia facility in Gopalpur, Odisha. This endeavour has the potential to make a significant contribution to the state’s green energy landscape.
These Memorandums of Understanding represent a total financial commitment of 40,358 crores in Odisha over the next five years. REC’s commitment to the region’s advancement, combined with its collaborations with OPGC, Acme Group, and Avaada Group, will be critical in improving energy infrastructure, promoting sustainable practises, and generating economic growth in Odisha.
Shri Vivek Kumar Dewangan, CMD of REC Limited; Shri Nikunj B. Dhall, ACS Energy of the Government of Odisha; Shri Hemant Kumar, Principal Secretary Industries; and other senior officials from both REC and the Government of Odisha attended the signing ceremony. Senior executives from the Acme and Avaada Groups, key partners in these ventures, also attended.