Press Release | August 2012
REC Signs MoU with APGENCO
Rural Electrification Corporation Ltd. (REC), signed MoU with Andhra Pradesh Power Generation Ltd. (APGENCO), on 16-08-2012, for providing financial assistance of Rs.11,000.00 crores for three power generation projects being taken up during 12th Plan Period, namely Dr. NTTPS-V (1x800 MW), KTPS-VII (1x800 MW) and Polavaram Hydel Project (12x80 MW). With this capacity addition, Andhra Pradesh will be benefitted with an additional generation of 14,000MU per year. Total project cost of these projects is `Rs.13, 592.00 crores and APGENCO would avail entire debt of Rs.11,000.00 crores from REC.
The MoU has been signed by Sri Rajeev Sharma, CMD, REC and Shri K.Vijayanand, MD, APGENCO at Vidyut Soudha, Hyderabad in presence of Directors of RECL and APGENCO.
APGENCO is engaged in generation of electricity in Andhra Pradesh through planned development, operation and maintenance of its power stations with a view to effectively promote socio-economic development of the state as well as the country.
REC, a Government of India Navaratna Enterprise, is providing financial assistance for Rural Electrification/System Improvement/Augmentation and all types of power generation, transmission and distribution projects which inter-alia includes term loan, debt refinancing, etc. REC has an amount ofRs.51, 296.77.00 crores and disbursed Rs.30, 593.30.00 crores during 2011-12 resulting in net income of Rs.10, 337.59 crores as on 31-03-2012. The Corporation is having an asset base of Rs.1, 08,729.00 crores. Further, REC is the Nodal agency of Government of India for Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) and National Electricity Fund (NEF).