New Delhi, Oct 1 (PTI) State-owned REC on Tuesday said it has signed an agreement with the Rajasthan government to provide financing of Rs 3 lakh crore for power projects.

The financing will be provided for projects in both power and non-power infrastructure sectors for a period of six years up to 2030, REC said in a statement.

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"REC signs MoU with the government of Rajasthan for Rs 3 lakh crore. As per the MoU, REC will provide Rs 50,000 crore annually (increased from Rs 20,000 crore) to finance projects across power and non-power infrastructure for a period of six years," it said.

REC, under the Ministry of Power, is a Non-Banking Finance Company (NBFC) focusing on power sector financing in India.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)