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Rural Electrification Corporation focusing on financing more power projects- finances 6 solar projects in FY10-11

According to reports, Rural Electrification Corporation of India Limited (RECL) is a navratna company under the ministry of power, which finances power projects across the country. The 42-year-old company is known for setting benchmarks in financing and promoting power generation, transmission and distribution projects in both public and private sectors. RECL is also a registered non-banking finance company with the status of infrastructure finance company (IFC).

Its chairman and managing director HD Khunteta said, “As a navratna public sector undertaking engaged in core infrastructure sector—power—and as a nodal agency for Rajiv Gandhi Grameen Vidyutikaran Yojana programme, RECL expects to play a major role especially in power sector giving a big push for rural development.”

He further added, “We are focusing on expanding the business of financing power projects to include projects having backward and forward linkages to power projects. The government’s thrust on the renewable energy sector, and several policy initiatives on this front including the mandatory renewable energy purchase obligations imposed on the distribution companies are creating favourable climate for the sector. During the financial year 2010-11, six solar projects were sanctioned for a  total project cost of Rs 621.06 crore and loan assistance of Rs 390.71 crore.”

One comment

  1. Companies like RECL should come forward to finance Solar Projects as the developers are facing lot of problems with Banks

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