India's REC invests $4.8b for clean energy projects in Odisha

It partnered with three energy companies for the financing of various power projects.

India-based state-owned energy provider REC Limited signs three memorandums of understanding (MoU) for a $4.8b (₹40,358 crores) investment on two green hydrogen plants and other conventional power projects in Odisha.

The MoU covers three other energy providers to support and fund various projects in Odisha.

Under the agreement with Odisha Power Generation Corporation, a total of $1.1b (₹9,538 crores) will go to the development of Units 5 and 6, a 660 MW x 2 thermal power plant in Jharsuguda, Odisha, which will boost the state’s electrical capacity and infrastructure.

For the partnership with Acme Group, REC will sponsor $1.9b (₹16,000 crores) a large-scale green hydrogen and ammonia facility in Gopalpur, paving the way for sustainable and clean energy solutions over the region.

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On REC’s alliance with Avaada Group, $1.8b (₹15,000 crores) will be allocated to the construction of another green hydrogen and ammonia facility in Gopalpur, contributing to the green energy topography of the vicinity.

REC’s commitment of $4.8b to the state of Odisha aims to set a precedent for the improvement of the energy infrastructure, sustainable standards and economic growth of the thriving region.

$1 = ₹83.27