Apraava Energy Signs MoUs with REC Ltd and PFC for Rs 9,120 Crore Finance

7 Aug 2023 , 02:16 PM

Energy solution provider Apraava Energy has entered into initial agreements with state-owned firms REC Ltd and Power Finance Corporation (PFC) to secure finance of Rs 9,120 crore for its wind, transmission, and advanced metering projects in India.

The Memorandum of Understanding (MoUs) signing ceremony took place during the Green Finance Summit organized by REC, in collaboration with the Green Business Summit Clean Energy Ministerial (CEM) and Energy Transition Working Group (ETWG) Ministerial held on July 21, 2023, in Goa, under the backdrop of India’s G20 Presidency.

The financial assistance worth Rs 9,120 crore (USD 1.1 billion) was signed between Apraava Energy and REC Ltd and PFC.

Rajiv Ranjan Mishra, Managing Director of Apraava Energy, expressed gratitude to REC and PFC for trusting the company’s vision for a sustainable future.

Apraava Energy has diversified its portfolio into newer areas of the energy value chain, including transmission and advanced metering, supporting India’s transition towards a greener economy.

The company plans to strengthen its existing low-carbon portfolio and venture into non-generation and customer-focused energy businesses, aligned with the vision of its shareholders.

Apraava Energy, jointly owned by the CLP Group and Caisse de dpt et placement du Qubec (CDPQ), is a leading integrated energy solutions provider with a portfolio of 3,150 MW of installed capacity, including wind, solar, and coal-fired power plants, along with power transmission assets.

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