State-owned SJVN Ltd has inked an initial pact with REC Ltd. for securing finance of Rs 50,000 crore for projects of its subsidiaries and joint ventures.
REC will provide financial assistance to set up new power generating stations based on conventional and renewable sources of energy, according to a statement on Friday.
Besides, REC will assist financially in setting up new technology projects like battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cells storage and manufacturing units for green projects.
"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 statement said.
The MoU covers construction of evacuation and transmission projects, and includes strengthening/improvement of existing transmission system.
SJVN said the pact with REC will act as a booster for its growth and aims to have 25 GW generation capacity by end of the current decade.
With a total project portfolio of 54,327 MW, SJVN is on rapid progression to achieve its Shared Vision of being 5000 MW by 2023-24, 25000 MW by 2030 & 50000 MW Company by 2040.
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