DVC enters into financial collaboration with State Bank of India

Damodar Valley Corporation has entered into a Loan Agreement amounting Rs 10,050.42 crores with State Bank of India on 11 th September, 2024 for implementation of 2 X 800 MW Koderma Thermal Power Project (Phase-II), in Jharkhand. The total project cost of this 2x800 MW thermal power project stands at14357.74 cr.

The agreement ceremony took place at SBI Corporate Office, Mumbai in the presence of Shri Arup Sarkar, Member (Finance), Shri Joydeep Mukherjee, ED (Finance) & Shri Durgesh Maiti, CGM (Finance) from Damodar Valley Corporation, Shri Ashwini Kumar Tewari- Managing Director (Corporate Banking & Subsidiaries), Shri Gulshan Malik - DMD- Corporate Client Group, Shri Shailesh Unnithan- CGM PF & SSBU, Shri Vaka Srinivasulu Reddy - General Manager - CCG Regional Office East, Shri. Mohan K V - Deputy General Manager CCG Branch Kolkata, Smt. Annwesha Banerjee - Relationship Manager from SBI.

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The loan agreement supports the financing requirements for the development of DVC & 2x800 MW thermal power plant in Koderma, Jharkhand. This project, with a total capacity of 1600 MW, is a significant initiative aimed at boosting power generation capacity in the region and also promoting integrated socio-economic development of the area. It is pertinent to mention that DVC has an existing 2x500 MW thermal power plant in Koderma, Jharkhand. This plant has been a significant contributor to the region & power supply, providing substantial electricity to meet local and regional demands.

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Such a large project typically involves substantial investments and collaboration with financial institutions to secure funding. The agreement between DVC and SBI would cover aspects such as loan arrangements, financial terms, and other conditions necessary to support the construction and operation of the power plant.

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