Apraava Energy has signed MoUs with REC and PFC for financial assistance worth over Rs.9,000 crore.
In a release, Apraava Energy said that this financial assistance, worth Rs.9,120 crore (around $1.1 billion) will be used develop Apraava’s wind, transmission and Advanced Metering Infrastructure (AMI) projects in the country.
This milestone reaffirms Apraava’s sharp focus on growth in green and low-carbon businesses and alignment with India’s energy transition goals, the release said.
The signing of MoUs took place as part of the Green Finance Summit organised by REC on the sidelines of the Green Business Summit Clean Energy Ministerial (CEM) and Energy Transition Working Group (ETWG) Ministerial held on July 21, 2023 in Goa against the backdrop of India’s G20 Presidency.
Partnering India’s RE targets
Commenting on the development, Rajiv Ranjan Mishra, Managing Director, Apraava Energy, said, “This partnership further strengthens our roadmap to deliver sustainable and integrated growth in the future. India has set bold renewable energy targets, and Apraava Energy is poised to partner with the country in its net zero ambitions. We thank REC and PFC for placing their trust in our aspirations for a better world.”
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New areas
Over the last few years, Apraava has diversified into newer areas of the energy value chain such as transmission and advanced metering that will support the acceleration of the transition to a greener economy in India. Going forward, aligned with the vision of our shareholders, the company will focus on strengthening our existing low-carbon portfolio and foraying into new business areas including non-generation and customer-focused energy businesses.
