New Delhi: REC Limited has signed an agreement with Damodar Valley Corporation (DVC) under which it will lend Rs 4,527.68 crore to build a 1,320 MW project (2×660 MW) in Raghunathpur, West Bengal.
The Raghunathpur Phase II project, a collaboration between REC and DVC, will greatly increase West Bengal’s electricity production capacity. The project, which has a combined capacity of 1,320 MW, is a significant milestone in the region’s energy landscape.
As the project moves forward, REC and DVC are committed to ensuring its success while adhering to the highest levels of efficiency, innovation, and environmental responsibility. This strategic alliance between REC and DVC demonstrates their shared commitment to fostering sustainable development and strengthening the power industry.
The agreement was signed in the presence of Damodar Valley Corporation’s Shri Ram Naresh Singh, Chairman; Shri Arup Sarkar, Member (Finance); Dr. John Mathai, Member-Secretary; Shri M. Raghu Ram, Member (Technical); Shri Joydeep Mukherjee, ED (Finance); and Shri Sumit Kumar Das, Sr. GM (Finance); and Shri Pankaj Verma, CPM.
REC Limited is an NBFC based in India that focuses on power industry financing and development. It assists state electricity boards, state governments, central and state power utilities, independent power producers, rural electric cooperatives, and private sector utilities with financial aid.
Its business activities include funding projects across the whole power sector value chain, including generation, transmission, distribution, and renewable energy. The funding provided by REC shines every fourth bulb in India.
DVC is a public-sector enterprise that generates and transmits electricity to meet the demands of the country’s eastern region.
