Ahead of the UP Global Investors Summit 2023, non-banking finance company REC Ltd, under the power ministry, has signed memorandums of understanding (MoUs) with the Government of Uttar Pradesh to provide financial assistance of around INR 1 lakh crore for various projects in Uttar Pradesh.
REC has committed INR 45,350 crore for 10 GW of renewable energy capacity addition. It will also provide INR 14,103 crore for a power generation project with a capacity addition of nearly 3 GW, pollution control equipment, and allied works; INR 7,800 crore for power transmission projects; INR 13,600 crore for strengthening the distribution infrastructure and reducing AT&C losses; and INR 20,000 crore for multiple infrastructure development projects across various sectors.
The latest announcement follows REC’s commitment to providing INR 1,000 crore ($123 million) for the development of renewable energy parks and associated infrastructure in Madhya Pradesh.
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