REC Ltd, a non-banking finance company under the power ministry, announced this week that it has signed memoranda of understanding (MoUs) totaling INR 31,000 crore (over $3.7 billion) to support and finance two green hydrogen projects in the Indian state of Odisha.
REC will lend INR 16,000 crore to Acme Group for a green hydrogen and ammonia facility in Gopalpur, Odisha. Acme Group recently signed the land agreement for its green hydrogen and green ammonia project in Odisha. The green ammonia facility will have a production capacity of about 1.3 mtpa.
REC has also pledged INR 15,000 crore for Avaada’s upcoming green hydrogen and ammonia facility in Gopalpur, Odisha.
REC Ltd focuses on power sector financing and development across India. It provides financial assistance throughout 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.
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