REC Signs MoU worth Rs. 60K crore with Andhra Pradesh
MOUs were signed between REC Limited and APGENCO, APTRANSCO and AP DISCOMS on 27th January, 2017for extending a financial assistance to the tune of Rs. 60,000 crore to the power utilities in the state for the next five years (till March, 2022).
As per the MOU, APGENCO can availa debt of Rs. 40,000 crore for generation projects and other loan requirements. APTRANSCO can avail a debt of Rs. 10,000 crore for transmission system strengthening, augmentation, upgradation, new transmission, power evacuation, R&M projects, etc. in the upcomingcapital region and other districts of Andhra Pradesh. APEPDCL and ADSPDCL can avail a debt of Rs. 10,000 crore forimplementation of Distribution projects in the state for strengthening, augmentation, upgradation of distribution infrastructure, sub-transmission system, new distribution, under-ground cabling works, R&M works, works under DDUJGY & IPDS, implementation of smart grid, smart meters,creation of distribution infrastructure for agricultural services, conversion of conventional pump sets into solar pump sets, etc.
Apart from financial assistance power utilities have agreed to avail consultancy and management services from REC’s subsidiaries for their various activities/projects for the next five years.