Datta Infra announces Rs 1,500 crore MoU with REC Limited

Adyant Enersol Private Limited, a wholly-owned subsidiary of Datta Infra, signs agreement for renewable energy projects at the 4th Global RE-INVEST Summit.

Gurugram, September 23, 2024 – Adyant Enersol Private Limited, a wholly-owned subsidiary of Datta Infra, recently announced a strategic Memorandum of Understanding (MoU) with REC Limited, a 'Maharatna' company under the Ministry of Power, Government of India. The MOU has been signed for Rs 1,500 crore financing from REC, for the development of 500 MW of renewable energy projects of the company. Signing of this MoU sets the foundation for the development of 2 GW of Wind, Solar, and Wind-Solar Hybrid projects across the country, by Datta Infra. The MoU was signed at the 4th Global RE-INVEST Summit, at Gujarat. It marks a significant milestone in the company's commitment to driving India's green energy transition.

The renewable energy projects shall be installed in the states of Rajasthan, Madhya Pradesh, Andhra Pradesh, etc. Such projects are expected to generate 800-900 million units (MU) of clean energy annually, offering reliable and clean power, through a mix of solar and wind resources. The projects are expected to be completed within 18 to 24 months from the date of signing the PPA (Power Purchase Agreement).

Commenting on the initiative, Varchasvi Gagal, CEO and Managing Director, Datta Infra stated, "Datta Infra aims to become front runners in the renewable energy sector. By adding 2 GW of renewable energy projects across the country in next 2-3 years, we shall help scale up India's renewable energy capacity, aligning with the Viksit Bharat vision of the Government of India for a sustainable future.  The MoU is aimed at enhancing renewable energy capacity and will serve as a cornerstone for India's clean energy transition.  The association will deliver economic, social, and environmental benefits, making a substantial impact on India's renewable energy landscape resulting in renewable energy capacity expansion, create jobs, reduce carbon emissions, enhance infrastructure, and foster innovation."

Datta Power also plans to consolidate its presence in the Independent Power Producer segment, with a commitment to supporting renewable transition, enhance growth and innovation, leverage policies for India's renewable electrification initiatives and mitigate climate change, through its wind, solar, and wind-solar hybrid projects. Currently, Datta Infra provides comprehensive energy solutions through engineering, procurement, construction, and maintenance for transmission lines, solar parks, and wind parks. Between 2020 and 2024, the company has witnessed remarkable growth, completing projects totalling 5,600 MW and culminating in a 6 GW Ultra Mega Park in 2024.

The signatories to the MOU included Vivek Kumar Dewangan, Chairman & Managing Director of REC Limited; Saurabh Rastogi, Executive Director of REC Limited; Arun Chaturvedi, GM-RE Division of REC Limited; Harsh Baweja, Director Finance of REC Limited; Hemank Sindhu, Director of Adyant Enersol Private Limited; Rajeev Kumar Bansal, CFO of Datta Power Infra Private Limited; and Shubham Roy, Head of Business Development & Regulatory at Datta Power Infra Private Limited. 

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