Financial Closure For SJVN 900 MW Arun-3 HEP Achieved PSU NEWS

Financial Closure For SJVN 900 MW Arun-3 HEP Achieved

 

Shimla: The Financial Closure for 900 MW Arun-3 Hydro Power Project has been achieved today. The total debt tied up with the Banks is INR 6,333.48 crores (NPR 10,134 crore) which includes INR 1420.86 Crore (NPR 2274 crore) (stand-by line of credit, if required). The debt portion of Indian Banks is INR 5374Crore (NPR 8600 Crores) and INR 960 Crores (NPR 1536 Crores) debt portion has been committed by Nepalese Banks. SAPDC management has taken a decision to use upfront equity for construction of project i.e before drawl of debt. Financial Closure is a stage of project development when all the conditions of a financing agreement are fulfilled prior to the initial availability of the funds by the financers.

On this occasion, Chairman & MD, SJVN and Chairman, SAPDC Shri Nand Lal Sharma said that the company will be investing approximately INR 6959 crore (NPR 11,134 crore) in Nepal over the next five years. Total financial benefits up to handing over of project to GoN are estimated to be around INR 21,166 crore (NPR 33,866 crore). The event organized for Financial Closure was attended by Director (Electrical), Sh. R.K. Bansal, Director (Personnel), Smt. Geeta Kapur, Director (Finance), Sh. A.K. Singh, Chief General Manager, Sh. Suresh Thakur and CEO SAPDC, Sh. Arun Dhiman along with other senior officers of SJVN and SAPDC.

Financial Closure for the project will ensure realization of 70% of the funding in the form of structured debt while the remaining 30% will be direct equity from SJVN. As on date, investment of around INR 875 crore (NPR 1400 crore) has already been made.

He further said that the project is helping in socio-economic growth by generating employment opportunities for the locals, boosting local industries, and fostering entrepreneurship, development of infrastructure such as roads and bridges and providing financial support for healthcare facilities and community centers etc. To support local population, skill development trainings and programmes are being implemented.

Shri Nand Lal Sharma expressed gratitude towards Government of Nepal especially Hon’ble Prime Minister Sh. K P Sharma Oli for his constant support and guidance. He also thanked Government of India, Indian Embassy, Investment Board of Nepal, other Ministries of Government of Nepal and Locals residing in and around Project Area for extending their co-operation and support.

He further told that Arun – 3 Hydro Power Project was awarded to SJVN Limited through International Competitive Bidding by Government of Nepal. The Memorandum of Understanding (MoU) for execution of this project on BOOT basis was signed with Government of Nepal on 2nd March 2008. Accordingly, SJVN Arun-3 Power Development Company (SAPDC) Pvt. Ltd. was incorporated and registered on 25th April 2013 as a private limited company under the Nepalese Companies Act 2063.The Project Development Agreement (PDA) for the execution of the project was signed between SAPDC and Investment Board of Nepal (IBN), Government of Nepal on 25th November 2014.

All major works i.e. Civil, Hydro-Mechanical and Electro-Mechanical works of the Project were awarded by April 2018. The foundation stone for the project was jointly laid by the Hon’ble Prime Minister of India and Hon’ble Prime Minister of Nepal on 11th May 2018. The construction activities of the project are going on in full swing.

Shri Sharma further told that, SJVN has also forayed into the fields of Renewable Energy, Power Transmission and Thermal and has envisaged Internal Growth Targets of installed capacity of 5000 MW by 2023, 12000 MW by 2030 and 25000 MW by year 2040.

 



Posted Date :  06-02-20

Categories : PSU NEWS

Similar news

NFL fertilizer sale crosses 50 lakh MT

New Delhi: For the first time in the history of company, total fertilizer sale of NFL has crossed 50 Lakh MT on 19th February this year. So far, NFL has registered highest ever sale of 49 Lakh MT in 2018-19 and that too was for the full year.   This was disclosed by C&MD, Sh Manoj Mishra
Posted Date :  27-02-20

Read more

Stakeholder Consultation Meeting

New Delhi: Stakeholders consultation meeting on 'Auction of Coal Blocks for sale of Coal' in cordination with Confederation of Indian Industries (CII) and Jharkhand Chamber of Commerce is organised at Conference Hall, CMPDI, Ranchi on 25.02.2020 under the chairmanship of Smt Vismita Tej,
Posted Date :  26-02-20

Read more

A meeting between officials of NUPPL and CMPDI

New Delhi: A meeting between the officials of NUPPL, United Exploration and CMPDI to discuss on vetting report of Pachwara South Coal Block, Rajmahal Coalfield was held on 25.02.2020 in Mini Conference Hall, CMPDI, RI-I, Asansol at 3:00 PM.   The meeting was attended by Shri Manwendra Ku
Posted Date :  26-02-20

Read more

Shri S K Haldar WP and P wing taken a review meeting on at CWC

New Delhi: Sh. S.K. Haldar, Member Water Planning & Projects (WP&P) Wing has taken a review meeting on 26.02.2020 at CWC (Hq) regarding “West Bengal Major Irrigation and Food Management Project (WBMIFMP)” posed for External Assistance with World Bank & Asian Infrastructure Investment Bank (AI
Posted Date :  26-02-20

Read more

ITDC hosted chief vigilance officers conference at the ashok hotel

New Delhi: India Tourism Development Corporation (ITDC), a public sector undertaking, hosted Vigilance Study Circle NCR meet at The Ashok Hotel, New Delhi on February 26, 2020.  The meet was attended by Chief Vigilance Officers from various organisations of PSU’s/autonomous bodies.   
Posted Date :  26-02-20

Read more

Powergrid Organised Campus Recruitment Program 2019

New Delhi: Power Grid Corporation of India Limited (POWERGRID), a ‘Maharatna’ Enterprise under Ministry of Power, Government of India organised Campus Recruitment Program 2019 in NIT Srinagar. Under this program 13 Engineers have been recruited from various branches of Engineering – 7 from
Posted Date :  26-02-20

Read more

REC Senior Unsecured Note Rated Baa3 And BBB By Moody And Fitch

New Delhi: Fitch Ratings has assigned India-based REC Limited's proposed senior unsecured note rating of 'BBB-/Stable' and Moody’s has assigned a rating of ‘Baa3’ on the same. The notes will be issued from REC's existing USD7.0 billion global medium-term note programme (GMTN
Posted Date :  26-02-20

Read more

GSL makes another on time delivery of new class OPV

New Delhi: The first in the class of 05 Coast Guard Offshore Patrol Vessel (OPV), built on GSL’s ‘in-house’ design was delivered to the Indian Coast Guard on 24th Feb 2020.   This largest and most advanced 105 meters long, new generation OPV was handed over by Cmde B B Nagpal, CMD,
Posted Date :  26-02-20

Read more

IRCON supported multi skill development training centre

New Delhi: The certificate distribution program held on 22.02.20 at S.M.S Public School, Khora Colony, Ghaziabad, showcased the vibrant CSR partnership between Ircon International Limited,  Bisnouli Sarvodaya Gramodyog Sewa Sansthan (BSGSS) and the District Administration in skilling and empower
Posted Date :  26-02-20

Read more

NFL nangal organises 3rd half marathon

New Delhi: The enthusiasm was full at 5.30 AM even in winters of Nangal, with large number of people warming up on the moves of Zumba trainers with Punjabi music playing full on. Hundreds of athletes were ready to run for Half Marathon, eagerly waiting for the Chief Guest to arrive at the venue.
Posted Date :  25-02-20

Read more

Retirement planning workshop organized by CMDC

New Delhi: RCF being a Learning organization, extends training to their employees till they superannuate. One such training is a 2 days Retirement Planning Workshop organized by CMDC for Employees Superannuating between February to May 2020. As Superannuation of an employee brings about change in
Posted Date :  25-02-20

Read more

Shri Pralhad Joshi laid the foundation stone at NALCO

New Delhi: Hon'ble Minister of Mines Shri Pralhad Joshi laid the foundation stone of a Crusher & Overland Conveyor System at National Aluminium Company Limited - NALCO's Panchpatmali Mines in Damanjodi, Odisha. This independent Conveyor System will directly feed bauxite from South Block M
Posted Date :  25-02-20

Read more

PDIL Organizes Management Development Programme

New Delhi: Projects & Development India Ltd (PDIL), a Mini Ratna Category-I Engineering-Consultancy PSU under Department of Fertilizers (DOF), Ministry of Chemicals & Fertilizers, Government of India is organising a Management Development Programme (MDP) from 24th to 28th February 2020 at Corpora
Posted Date :  25-02-20

Read more

Welfare board meeting held at NCL

Singrauli: Meeting of NCL welfare board, an apex joint forum of Management & Trade Unions responsible for the welfare of the employees of the Company held on Monday at company's Headquarters.   Matters pertaining to the welfare of employees were deliberated, discussed and decided. Al
Posted Date :  24-02-20

Read more

CII and central PF commissioner office conducted a workshop

New Delhi: Confederation of Indian Industry (CII) and Central PF Commissioner's office conducted a workshop on 24.01.2020 at Chennai on sharing good practices followed by good PF Trusts . A presentation was made by Sri S.Rajendra GM(HR), and Chairman of KIOCL Trust, on good practices followed
Posted Date :  24-02-20

Read more

HPCL organised a road show at Vijayawada

Vijayawada: HPCL organised a Road Show at Vijayawada on 22nd February 2020 in order to create awareness about the initiatives taken by OMCs on UCO (Used Cooking Oil) based Biodiesel. The program was attended by official from MOP&NG, Senior officials from OMCs, officials from Sugar Industries, Tec
Posted Date :  24-02-20

Read more

BHEL launches Quality First Initiative

New Delhi: As part of its efforts to transform the company into a Future-Ready Global Engineering Organisation, BHEL has launched a companywide ‘Quality First’ initiative to put in place state-of-the-art processes, for making quality a hallmark of the company’s products and services.BHE
Posted Date :  24-02-20

Read more

BPCL Stall at MachAuto Expo 2020 in Ludhiana

Ludhiana: One of the main attraction at BPCL stall at MachAuto Expo 2020 in Ludhiana is the Hippo Cylinder, which was launched by Bharatgas for industrial customers in 2017.   Hippo Cylinders, with 422 KG capacity, helps industries save on space, lower their operational cost and monitor
Posted Date :  24-02-20

Read more

CIL plants 97.65 million trees since inception

New Delhi: CIL aims to minimise the adverse impact of its coal mining operations on surrounding environment and communities. Since inception, CIL has planted around 97.65 million trees over an area of 39029.07 Ha. till March 2019. CIL has also planted 3.6 Lakh saplings in 225 Ha. of land outside
Posted Date :  24-02-20

Read more