REC signs Loan Agreement with DVC

Rural Electrification Corporation (REC), a Public Sector Enterprise under Ministry of Power and Damodar Valley Corporation (DVC), a thermal and hydro power generating public organization of India has signed a loan agreement for funding of the first 2X660 MW Supercritical Thermal Power Unit at Raghunathpur in West Bengal’s Purulia district.. The agreement was signed on at Kolkata recently in the presence of Shri Rajeev Sharma, CMD, REC, Shri R.N Sen, Chairman, DVC and other senior officials from both the organizations. The Loan amount of Rs. 6,362 crores is to be funded solely by REC. These units will be a part of Raghunathpur Phase –II expansion programme of DVC. Entrusted with the responsibilities of providing the vital input power for industrial growth in the resource rich Damodar Valley region, DVC has been practically operating as a pioneer, using latest available technologies to supply bulk power at reasonable rates to the major industries. REC provides financial assistance and promotes rural electrification projects throughout the country. It funds State Electricity Boards, State Government Departments and Rural Electric Cooperatives for rural electrification projects.