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New Delhi: REC Limited signed a Memorandum of Understanding (MoU) with Power Finance Corporation as per the DPE Performance Evaluation System for FY 2022-23 for CPSEs, said the Ministry of Power.

In October 2022, the two organizations inked a pact to provide 8,520.92 crore finance for setting up a 1,320 MW thermal power plant at Buxar by SJVN Thermal Private Ltd.

Vivek Kumar Dewangan, CMD, REC signed the MoU with Ravinder Singh Dhillon, CMD, PFC.

REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years in the area of its operations.

It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities.

REC’s business activities involve financing projects in the complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy. Recently, REC has also diversified into non-power infrastructure & logistics sector to cover areas such as airports, metro, railways, ports, bridges, etc.

Incorporated on July 16, 1986, Power Finance Corporation Ltd. is a Schedule-A Maharatna CPSE, and is a leading Non-Banking Financial Corporation in the Country. PFC is under the administrative control of the Ministry of Power.

PFC was conferred the title of a ‘Maharatna CPSE’ in Oct.,2021, and was classified as an Infrastructure Finance Company by the RBI on 28th July, 2010. PFC plays a crucial role in the rise of India as a global player.

ABOUT THE AUTHOR

Swati Luthra

Swati Luthra writes on climate change, water, environment and forest issues for Mint. A graduate in Psychology, Swati has been mapping India’s policy initiatives to help meet the pledges made at CoP-26 including achieving net-zero carbon emissions by 2070.
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