The Rural Electrification Corporation (REC) has signed a loan agreement with Tamil Nadu’s power generation and transmission utilities for financial assistance worth Rs 68.9 billion. The agreements were signed with Tangenco and Tantransco for the implementation of a 800 MW supercritical thermal power plant (TPP), the renovation and modernisation of existing TPPs and the establishment of new 400 kV and 765 kV substations in and around Chennai. Meanwhile, REC is also expected to extend financial assistance to the upcoming Udangudi supercritical thermal power project as well as renewable energy, energy conservation, smart grid and automation power projects in Tamil Nadu. REC is also extending financial assistance worth Rs 600 billion for projects in Andhra Pradesh. The assistance comprises Rs 400 billion to Andhra Pradesh Power Generation Corporation, Rs 100 billion to the Transmission Corporation of Andhra Pradesh and Rs 100 billion to the two state discoms.