Published On:August 19 2012
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REC to fund Rs 10,873.35 crore for three AP Genco projects.
The Rural Electrification Corporation Ltd has agreed to provide a loan of Rs 10,873.35 crore for three AP Genco projects.
The funding is for Vijayawada thermal power plant expansion of 800 MW, and Kotahgdeum project expansion of 800 MW and Polavarma hydel power project of 960 MW(12x80).
Of the Rs 5,268.54 crore required for the Vijayawada project, REC will provide Rs 4229.23 crore. And in the case of Kothagudem, of the Rs 5,291.15 crore required, REC will lend Rs 4,232.92 crore.
In the case of Polavaram hydel project, of the Rs 3,014 crore, REC will extend a loan of Rs 2,411.20 crore.
REC agreed to offer a rebate of 0.5 per cent on the applicable rate of interest for these three projects.