PFC Signs Agreement with CVPPPL for Rs 1869.265 Crore Term Loan

PFC Signs Agreement with CVPPPL for Rs 1869.265 Crore Term Loan

FPJ BureauUpdated: Sunday, June 16, 2024, 04:36 PM IST
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Chenab Valley Power Project Private Limited (CVPPPL), a Joint Venture of NHPC LTD (51%) and JKSPDC (49%) has signed an Agreement with Power Finance Corporation Limited, (PFC) a Maharatna Central Public Sector Enterprise and leading NBFC under the Ministry of Power, for Term Loan of Rs 1869.265 crore. With this agreement, the Financial Closure for Kiru HEP for Rs. 3738.53 crore has been achieved.

As per the Agreement, the Loan will be used to Develop and Construct the Greenfield Kiru Hydro Electric Project (4x156 MW) on the River Chenab in the Kishtwar District of Jammu & Kashmir.

The formal signing of the agreement took place on 14th June 2024 at the Corporate Office of CVPPPL in Jammu (J&K), in the presence of Ramesh Mukhiya, Managing Director, Vasant Hurmade, GM (C&P), Sanjay Kumar Gupta, GM (Finance), from CVPPPL and Nitin Kumar, GM & HOU (CSP), Shria Avinash Chand, Vishu Chaudhary from PFC and Ranjan Kumar Giri, AVP from IDBI Capital Markets & Securities Limited, among other key officials of respective organizations.

This collaboration marks a significant step towards sustainable energy development in the region.

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