Rural Electrification Corporation (REC) has entered into Memorandums of Understandings (MoUs) with Karnataka Power Corporation (KPCL) and Bangalore Electricity Supply Company (BESCOM) for extending financial assistance to the tune of Rs 39,121 crore for the next five years (i.e. till March, 2022). Of total, REC will extend financial assistance upto Rs 27,121 crore to KPCL and up to Rs 12,000 crore to BESCOM.
Recently, REC signed three MoUs for extending financial assistance to the tune of Rs 60,000 crore for next 5 years (i.e up to March, 2022). The company signed the MoUs with Andhra Pradesh Power Generation Corporation (APGENCO) for financial assistance up to Rs 40,000 crore; Transmission Corporation of Andhra Pradesh (APTRANSCO) for financial assistance up to Rs 10,000 crore; and AP DISCOMs for financial assistance up to Rs 10,000 crore.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.