SJVN signs initial pact with REC to secure Rs 50,000 crore for projects

Satluj Jal Vidyut Nigam Ltd (SJVN) and REC Ltd have signed an initial agreement to secure funding totaling Rs 50,000 crore for projects involving their joint ventures and subsidiaries.

To establish new power generating facilities using both conventional and renewable energy sources, REC will offer financial assistance. Additionally, REC will provide financial support for the establishment of innovative technology projects such battery storage, electric vehicles, storage facilities for hydrogen cells, and manufacturing facilities for environmentally friendly projects.

According to the statement, "SJVN has inked an MoU with REC. REC has agreed to finance the projects of SJVN and its subsidiaries and joint ventures to the extent of Rs 50,000 crore.”

The MoU involves the development of transmission and evacuation projects as well as the reinforcement and upgrade of the current transmission system. SJVN stated that the agreement with REC will help to accelerate its expansion and that its goal is to reach 25 GW of generation capacity by the end of the current decade. With a portfolio of projects totaling 54,327 MW, SJVN is making great strides towards realising its shared vision of being a 5000 MW company by 2023–2024, a 25000 MW company by 2030, and a 50000 MW company by 2040.

Source: Media Reports
 

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