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Our Bureau

New Delhi, Feb. 5 State-run Rural Electrification Corporation (REC) has entered into agreements with India Infrastructure Finance Company Ltd (IIFCL) and Hudco for consortium lending for major power projects coming up under the public-private partnership model.

Official sources said the consortium would fund up to Rs 4,000 crore for each greenfield project.

REC, along with Power Finance Corporation, has been designated by the Power Ministry to mobilise resources to ensure viable projects do not suffer for want of funds. The total fund requirement for the power sector has been assessed at around Rs 10,00,000 crore for the Eleventh Plan, with the Government targeting a capacity addition of 78,577 MW during the five-year period.

Of the over 78,000 MW, about 39,500 MW is required to be added by the Centre, while an additional 10,700 MW is expected to come from private players.

REC, a dedicated lending institution for the power sector, is currently firming up an initial public offering proposal to raise around Rs 1,200 crore during the current calendar year.

More Stories on : Alliances & Joint Ventures | Power

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