10K cr Rural Electrification Corporation Limited loan for AP

Amaravati: The Rural Electrification Corporation Limited (RECL) expressed willingness to sanction Rs 10,000 crore to the AP Transmission Corporation (APTRANSCO) and Discoms as loan assistance for improving electricity infrastructure in rural areas.

The RECL chairman and managing director P V Ramesh met chief secretary Dinesh Kumar at the Secretariat on Friday. Dinesh Kumar said the RECL had already come to understanding with the State government in January to sanction Rs 10,000 Cr as loan to APTRANSCO at a rate of 10% interest for five years period (2017-22).

Now, the corporation decided to reduce the rate of interest to 8% from the 10%. He said, the REC chairman agreed to sanction another Rs 10,000 Cr as lon in future to the APTRANSCO for the rural electrification purpose. Dinesh Kumar said the RECL would also assist the State government in realising the proposal of introducing electric buses in Amaravati, Visakhapatnam and Tirupati.

He also said the State government will be focusing more on hydel, wind and solar energy sectors in place of thermal electricity. He said the production of thermal electricity may be minimised in 10 years. RECL CMD Ramesh said the corporation would extend cooperation to resolve issues related electricity sector in capital city area and give financial assistance to the new electrification projects in Amaravati region.

He also said the RECL would cooperate to the State government in arrangement of smart electricity meters in smart cities. APTRANSCO joint managing director P Dinesh, GENCO director Adinarayana, APEPDCL director Chandrasekhar and others participated.