REC inks 2 MoUs with Andhra utilities to provide Rs 9K cr loan

State-run Rural Electrification Corp today inked two separate agreements with Andhra Pradesh utilities to provide Rs 9,000 crore loan for 500-MW solar power plant and transmission network for state's capital.
The MoUs to provide debt to the utilities were signed in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu.
The first MoU with APGENCO (Andhra Pradesh Power Generation Corporation Limited) is for Rs 3,000 crore for setting up a 500 MW Solar power generation project in Anantpur during the 12th Five Year Plan (2012-17) Period.
Another MoU is with APTRANSCO (Andhra Pradesh Transmission Corporation Limited) is for Rs 6,000 crore for Transmission & System improvement projects in the Capital region of state.

The objective of MoUs is enhancing the generation of Green Power and for creation of Transmission network in Andhra Pradesh.