State-owned non-banking finance company REC Ltd has signed a memorandum of understanding with Rewa Ultra Mega Solar Ltd. (RUMSL) to provide financial assistance of INR 1,000 crore ($123 million) for the development of renewable energy parks and associated infrastructure including power evacuation in Madhya Pradesh.
RUMSL has been designated as a solar power park developer in Madhya Pradesh by the Ministry of New and Renewable Energy (MNRE).
Madhya Pradesh aims to generate 20% of its electricity through renewable sources by the financial year 2024, 30% by FY 2027, and 50% by FY 2030.
Additionally, REC, in partnership with World Bank, has designed a financing facility for select state-owned electricity distribution companies. As a part of this REC-World Bank program, the total volume of financing available shall be $1 billion. Under this umbrella, REC committed an amount of INR 5,000 crore to MP Discoms.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.