Rural Electrification Corporation to finance pioneering energy projects
BHUBANESWAR: In a quantum leap in Odisha’s energy security, Navratna company Rural Electrification Corporation (REC) on Saturday collaborated with three prominent power producers - Odisha Power Grid Corporation (OPGC), Avaada Energy and ACME Solar to finance energy projects in the state.
As per the separate agreements, REC Ltd will finance the expansion of OPGC’s thermal power project at Jharsuguda with an investment of Rs 9,538 crore. OPGC operates state-of-the-art thermal power plants at Banharpalli. It has a total generation capacity of 1,740 MW. Marking Odisha’s firm commitment to a sustainable future, REC’s partnership with Avaada Energy will facilitate financing for the latter’s green hydrogen and green ammonia project at Gopalpur. It will have an impressive allocation of Rs 15,000 crore.
Renewable energy company Avaada Group will set up a green hydrogen and ammonia manufacturing unit at Tata Steel Special Economic Zone Limited (TSSEZL). Avaada will acquire 120 acre of land to set up the 0.5 MTPA green hydrogen/ammonia production facility. Similarly, as part of the collaboration with ACME Solar to further augment the state’s green energy vision, REC will provide financing support to its green hydrogen and green ammonia project in Gopalpur with a commitment of Rs 16,000 crore. The proposed facility is expected to produce 1.3 MTPA of green ammonia and be powered by renewable energy sources.
Principal secretary of Industries department Hemant Sharma said Odisha’s steadfast reforms in the power and energy sector have positioned the state at the forefront of the Bay of Bengal’s industrial epicenter. “The series of MoUs is a clear indication of the state’s relentless drive to elevate its power infrastructure and expand its green energy footprint. The focus on green hydrogen and green ammonia not only amplifies its commitment to sustainability but also underscores its vision of being a futuristic economy,” he said.
Additional chief secretary of Energy department Nikunja Dhal said the upcoming power projects on green energy will position Odisha as a model state for green and sustainable development in the country. CMD of REC Vivek Kumar Dewangan was present at the MoU signing event.