Apraava Energy gets financing worth Rs 9,120 crore from REC and PFC

8 Aug 2023 , 12:38 PM

Apraava Energy, a provider of energy solutions, has inked MoUs with the government-owned REC and Power Finance Corporation (PFC) to get financing of Rs 9,120 crore for the country’s wind, transmission, and advanced metering projects.

The CLP Group, one of the biggest investor-owned power companies in Asia, and Caisse de depot et Placement du Quebec (CDPQ), a major international investment organization, jointly own Apraava Energy.

‘This relationship reinforces our strategy for achieving integrated and sustainable growth in the future. Rajiv Ranjan Mishra, managing director of Apraava Energy, said ‘We congratulate REC and PFC for placing their trust in our objectives for a better future.

The gradual diversification of Apraava Energy into energy value chain segments like transmission and sophisticated metering would hasten India’s shift to a greener economy.

According to a statement from REC, the MoUs were signed as part of the Green Finance Summit, which was held alongside the Clean Energy Ministerial and the Energy Transition Working Group Ministerial on July 21 in Goa while India was holding the G20 presidency.

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