REC Funds Rajasthan Power Projects: Rs 3 Lakh Crore Deal

New Delhi, Oct 1 (PTI) State-owned REC on Tuesday said it has signed an agreement with the Rajasthan government to provide financing of Rs 3 lakh crore for power projects.

The financing will be provided for projects in both power and non-power infrastructure sectors for a period of six years up to 2030, REC said in a statement.

"REC signs MoU with the government of Rajasthan for Rs 3 lakh crore. As per the MoU, REC will provide Rs 50,000 crore annually (increased from Rs 20,000 crore) to finance projects across power and non-power infrastructure for a period of six years," it said.

REC, under the Ministry of Power, is a Non-Banking Finance Company (NBFC) focusing on power sector financing in India.