State-owned REC Ltd will extend financial assistance worth Rs 21,086 crore to discoms in Madhya Pradesh, MP Power Management Company Ltd & Rewa Ultra Mega Solar project.

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REC has inked three separate pacts with MP Power Management Company Limited (MPPMCL), discoms in Madhya Pradesh and Rewa Ultra Mega Solar Ltd to this effect.

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An MoU has been signed with MPPMCL to extend financial assistance of Rs 15,086 crore for upcoming Sarani and Amarkantak thermal power projects besides other system improvement works, technology upgradation, modernization among other projects in Madhya Pradesh, the Ministry of Power said in a statement on Thursday.

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Another pact has been inked with Rewa Ultra Mega Solar Ltd wherein the company will provide Rs 1,000-crore financial support to develop renewable energy projects covering green energy parks/projects, and/or associated infrastructure including power evacuation.

"Additionally, as a part of a REC-World Bank programme, REC has committed an amount of Rs 5,000 crore to MP discoms (power distribution companies) to further strengthen the distribution reforms," it said.

Under the Ministry of Power, REC (formerly known as Rural Electrification Corporation Limited), provides financial assistance to power sector projects across all segments -- development, generation, transmission or distribution.

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