Driving Energy Innovation: REC’s ₹40,000 Crore Investment in Odisha’s Hydrogen and Power Projects
Gurugram, 14th October 2023: REC Limited marked a significant milestone by signing three MoUs totalling ₹40,358 Crores to support and finance various projects in the vibrant state of Odisha.
The signing ceremony took place in the presence of distinguished personalities, including Shri Vivek Kumar Dewangan, CMD of REC Limited, Shri Nikunj B Dhall, ACS Energy of the Government of Odisha, Shri Hemant Kumar, Principal Secretary Industries, and other senior officials from both REC and the Government of Odisha.
Senior representatives from the Acme and Avaada Groups, key partners in these ventures, also graced the occasion. The MoUs signed today exemplify REC’s commitment to fostering development and sustainability in the region.
The key highlights of the agreements are as follows: OPGC Partnership: REC and Odisha Power Generation Corporation (OPGC) have joined forces to finance ₹9,538 Crores for the development of Unit 5&6, a 660 MW x 2 thermal power project in Jharsuguda, Odisha.
This collaboration will contribute significantly to the state’s power generation capacity and energy infrastructure.
Acme Group Collaboration: A groundbreaking partnership between REC and the Acme Group will provide funding of ₹16,000 Crores for an ambitious Green Hydrogen and Ammonia facility in Gopalpur, Odisha. This initiative underscores the importance of sustainable and clean energy solutions for the future. Avaada Group Alliance:
In another stride towards sustainability, REC has agreed with the Avaada Group, pledging ₹15,000 Crores for an upcoming Green Hydrogen and Ammonia facility in Gopalpur, Odisha. This endeavour is poised to make a substantial contribution to the green energy landscape in the state.
These MoUs collectively represent a financial commitment of ₹40,358 Crores over the coming years in the state of Odisha. REC’s dedication to the region’s progress, combined with its partnerships with OPGC, Acme Group, and Avaada Group, will play a pivotal role in enhancing energy infrastructure, promoting sustainable practices, and generating economic growth in Odisha.