REC to provide loan to DVC for setting up 1,320 MW Thermal Power Project in Raghunathpur, West Bengal
Aug 26, 2023
New Delhi [India], August 26 : REC Limited, the Maharatna Central Public Sector Enterprise under the Ministry of Power, has entered into a pact with Damodar Valley Corporation (DVC), under which REC will provide a loan of Rs 4,527.68 crore to DVC for setting up a 1,320 MW thermal power project (2x660 MW) at Raghunathpur in West Bengal, a release said on Saturday.
As per the Ministry of Power, "The Raghunathpur Thermal Power Station 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 energy landscape of the region."
"As the project progresses, REC and DVC remain dedicated to ensuring 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 Ministry added.
The agreement was signed in the presence of Ram Naresh Singh, Chairman; Arup Sarkar, Member (Finance); Dr John Mathai, MemberSecretary; M Raghu Ram, Member (Technical); Joydeep Mukherjee, Executive Director (Finance); and Sumit Kumar Das, Senior General Manager (Finance) from Damodar Valley Corporation, and Pankaj Verma, CPM from REC Limited.
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 under the Union Ministry of Power, engaged in power generation and transmission, catering to the energy needs of the eastern region of the country.
