Rural Electrification Corporation on Tuesday finalized an agreement to fund 4,400 MW power plant at Damarcherla in Nalgonda district with low interest rate. This is definitely a breakthrough for Telangana’s power generation plans.
Chief Minister K. Chandrasekhar Rao has received a cheque of Rs.16,070 crores from REC chairman and managing director Rajeev Sharma on Tuesday. The REC had earlier sanctioned and gave Rs 4,321 crore for the 800 MW plant at Palvancha in Khammam district.
REC generally collects 11.5% interest on lending power projects. However as an exception, it has reduced the interest rate by 0.5% for the state of Telangana.This is the highest loan that REC has ever given to a single state.
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