REC pledges ₹31,000 Cr. for developing two green hydrogen projects in Odisha

REC (formerly Rural Electrification Corp. Ltd), a state-owned power finance entity in India said it has signed two Memorandum of Understanding (MoU) to finance green hydrogen projects in the state of Odisha.

The MoU signed on Saturday (Oct. 14) in Bhubaneswar, Odisha commits over ₹30,000 crores for developing two ambitious green hydrogen projects in the state. In the first MoU, REC collaborated with ACME Group to provide funding of over ₹16,000 crores for green hydrogen and ammonia project in Gopalpur, Odisha. The second MoU signed between REC and Avaada Group, REC has committed ₹15,000 crores for an upcoming green hydrogen and ammonia facility in the same region.

"The MoUs signed today exemplify REC's commitment to fostering development and sustainability in the region," REC said in a statement.

The signing ceremony took place in the presence of Vivek Kumar Dewangan, CMD of REC Ltd.; Nikunj B Dhall, ACS Energy of the Government of Odisha; Hemant Kumar, Principal Secretary Industries, and other senior officials from both REC and the Government of Odisha. Senior representatives from the Acme and Avaada Groups, were also present.

In addition to two green hydrogen projects REC also signed an MoU commuting ₹9,538 crores for the development of thermal power projects in Jharsuguda region of Odisha.