A Memorandum of Understanding (MoU) was recently signed between Apraava Energy, an integrated energy solutions provider, and the Rural Electrification Corporation (REC) and the Power Finance Corporation Limited (PFC). The MoUs are expected to give Apraava financial support in the amount of Rs 9,120 crore (USD 1.1 billion) for their forthcoming transmission, advanced metering infrastructure (AMI), and wind projects in India.
The MoUs were signed at the Green Finance Summit, which coincided with the Clean Energy Ministerial (CEM) and the Ministerial of the Energy Transition Working Group (ETWG). On July 21, 2023, the Summit was held in Goa and coincided with India's G20 Presidency.
Rajiv Ranjan Mishra, the managing director of Apraava Energy, responded to the recently created agreements by saying that the alliance with REC and PFC would support the business's continuous expansion and enable them to achieve upcoming sustainability targets. Apraava has increased the scope of its operations in recent years to incorporate enhanced metering and transmission. In the near future, the company intends to further develop its low-carbon portfolio and investigate fresh market opportunities like non-generation and customer-focused energy businesses.
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