Hyderabad, March 21 (IANS) The Rural Electrical Corporation (REC) Limited, a central government enterprise, has come forward to fund power projects in Telangana to a tune of Rs. 24,000 crore.
Under a memorandum ofuUnderstanding (MoU) signed here on Saturday, REC will fund Telangana State Generation Corporation's power projects aimed at generating 6,280 MW.
The projects which will be funded are 800 MW at KTPS, 1,080 MW at Bhadradri in Manugur of Khammam district and 4,400 MW at Damaracherla in Nalgonda district.
REC chairman and managing director Rajeev Sharma and his TSGENCO counterpart D. Prabhakar Rao signed the MoU in the presence of Chief Minister K. Chandrashekhar Rao to mark Telugu New Year 'Ugadi'.
REC is a Navaratna Enterprise and provides financial assistance for rural electrification as well as all types of power generation, transmission and distribution projects.
With this, the state has achieved financial closure for all three power projects.
Earlier, the Power Finance Corporation (PFC) agreed to fund Rs.15,000 crore for the same projects and TSGENCO will fund Rs.3,000 crore, totalling Rs.42,000 crore.
This apart, the NTPC as mandated by the central government will be spending Rs.24,000 crore for its 4,000 MW project and Singareni Rs.4,000 crore. Another Rs.21,500 crore will be invested in solar projects and evacuation and transmission lines parallel.
"Thus the total investment for 10,280 MW of power plants in the next four years will amount to Rs.91,500 crore," said a statement from the chief minister's office.
At the request of the chief minister, REC reduced the rate of interest on its funding by 0.5 percent. This will reduce the burden on TSGENCO by about Rs. 600 crore.
The ups and downs in corona cases in the country continue. In the last 24 hours, 16,065 new cases
A controversy erupted on Sunday after the ICC did not invite Pakistan Cricket Board officials on
Defense Minister Rajnath Singh Inaugurated Bridges And Roads: Even though it has been four years
In the US, the Indian Business Association took out a parade in New Jersey on India's Independenc
In Chhattisgarh's Mahasamund district, around 100 people have fallen ill after consuming food at
Finance Minister Nirmala Sitharaman will hold a meeting with the officials of public sector banks
Was Esha Gupta Hardik Pandya's dream girl? The bold queen said- we were on a dating stage...
Along with Hardik Pandya's cricket career, his fans are also impatient to know about his love lif
Preparing to enter the billion-dollar startup in the market
Major internet-based companies in the country are set to launch initial public offers (IPOs) in t
The farmers should be cleared the Sindhu border, the local people got down on the road and discuss
The deadlock over the new agricultural laws persists. Farmers have been standing on the Sindhu Bo
US Senator Chuck Schumer has requested President Joe Biden to set aside India's share in the 80 m
