SJVN Ltd, a state-owned company, has signed an initial agreement with REC Ltd to secure Rs 50,000 crore in financing for its subsidiaries and joint ventures. According to a statement issued on Friday, REC will provide financial assistance for the establishment of new power generating stations based on conventional and renewable energy sources.

Furthermore, REC will provide financial assistance in the establishment of new technology projects such as battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cell storage, and manufacturing units for green projects.

"SJVN has signed an agreement with REC." "REC has agreed to finance SJVN and its subsidiaries and joint ventures to the tune of Rs 50,000 crore," according to the statement.

The MoU covers construction of evacuation and transmission projects, and includes strengthening/improvement of existing transmission system.

SJVN said the pact with REC will act as a booster for its growth and aims to have 25 GW generation capacity by end of the current decade.

With a total project portfolio of 54,327 MW, SJVN is on rapid progression to achieve its Shared Vision of being 5000 MW by 2023-24, 25000 MW by 2030 & 50000 MW Company by 2040.