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Home » News » Apraava Energy secures funding for sustainable energy expansion

Apraava Energy secures funding for sustainable energy expansion

August 8, 2023 12:10 pm

Apraava Energy secures funding for sustainable energy expansion
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Strategic MoUs with REC Limited and PFC Drive Eco-Friendly Expansion in India’s Energy Landscape

Apraava Energy, a prominent provider of integrated energy solutions, has entered into Memorandum of Understanding (MoUs) with REC Limited (Rural Electrification Corporation) and PFC (Power Finance Corporation Limited) to secure financial assistance amounting to INR 9120 crore (USD 1.1 billion). This funding will be utilized for the development of Apraava’s wind projects, transmission infrastructure, and Advanced Metering Infrastructure (AMI) projects within the country. This significant achievement underscores Apraava’s strong commitment to expanding its presence in eco-friendly and low-carbon ventures, aligning perfectly with India’s objectives for energy transition.

The signing of these MoUs transpired during the Green Finance Summit, an event organized by REC, held in parallel with the Green Business Summit Clean Energy Ministerial (CEM) and Energy Transition Working Group (ETWG) Ministerial on recently, in Goa. This event occurred against the backdrop of India’s G20 Presidency, emphasizing the nation’s dedication to sustainable energy practices.

Commenting on the development, Mr. Rajiv Ranjan Mishra, Managing Director, of 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.” 

In recent years, Apraava has expanded its operations into various segments of the energy value chain, including transmission and advanced metering. These endeavors are poised to facilitate the swift shift towards a more environmentally sustainable economy in India. Looking ahead, in harmony with the goals of our stakeholders, the company will concentrate on enhancing our current low-carbon portfolio and venturing into fresh domains of business, encompassing non-generation activities and energy solutions tailored to customer needs.

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