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REC plans to raise more funds from Germany’s KfW

According to reports, Rural Electrification Corp (REC) is in talks with Germany’s KfW for raising money to provide funding for renewable energy projects.

The state-owned company is a leading lender for power projects in the country.

The company is looking to raise funds from KfW, REC Chairman and Managing Director Rajeev Sharma today said at the Green Energy Summit, organised by Indian Chamber of Commerce in association with the Ministry of New and Renewable Energy.

Both companies are in talks regarding funds that would be utilised by REC for financing renewable energy projects.

Among others, REC had earlier received about 100 million euros loan from KfW, a leading development bank based in Germany.

The company recently revised its guidelines for providing loans to large renewable energy projects, Sharma said.

At the event, experts emphasised on the need for promoting power generation from renewable energy sources.

POSOCO’s Chief Executive Officer S K Soonee said it is important for generators of renewable energy to comply with standards of power grids system.

Power System Operation Corporation (POSOCO), which ensures integrated functioning of regional and national electricity systems, is a wholly-owned subsidiary of state-run Power Grid Corp.

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