REC Limited said it has entered into a pact with Damodar Valley Corporation (DVC), to provide a loan of Rs 4,527.68 crore for setting up a 1,320 MW thermal power project (2x660 MW) at Raghunathpur in West Bengal.
REC is the Maharatna Central Public Sector Enterprise which comes under the Ministry of Power.
According to the company's statement, The Raghunathpur Thermal Power Station Phase-II project will contribute significantly to the power generation capacity in West Bengal. With a combined capacity of 1,320 MW, the project marks a key milestone in the energy landscape of the region, the company said.
As the project progresses, REC and DVC aim to implement the highest standards of efficiency, innovation, and environmental responsibility.
REC Limited is a NBFC firm that provides financing in the power sector. The company also provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives, and private sector utilities.
DVC is a public sector undertaking under the Union Ministry of Power, engaged in power generation and transmission, catering to the energy needs of the eastern region of the country.