REC on 18 October, 2023 signed a memorandum of understanding (MoU) with Bank of India (BoI) to co-finance Rs 30,000 crore worth of projects in the power, infrastructure and logistics sectors under a consortium arrangement.
Under the agreement, REC and BoI will implement these over the next five years. The strategic partnership will see REC and BoI combine their financial expertise, propelling critical projects in these sectors.
Earlier this week, REC signed deals to finance two green hydrogen, and a thermal project worth Rs 40,000 crore. REC signed an MoU with Odisha Power Generation Corporation (OPGC) to finance Rs 9,538 crore for development of two units of a thermal power project in Jharsuguda, Odisha. Under a partnership with Acme Group, REC will provide a funding of Rs 16,000 crore for a green hydrogen and ammonia facility proposed at Gopalpur in the state.
The Maharatna company, provides long-term loans and other finance products for the sector comprising generation, transmision, distribution, and new technologies like electric vehicles, battery storage, green hydrogen had a loan book of Rs 4.54 lakh crore as of June 2023. BoI is a public sector bank with a strong national presence and sizable international operations.
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