PFC Signs Agreement with CVPPPL for Rs 1869 Cr Term Loan

New Delhi: 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 (Rupees One Thousand Eight Hundred Sixty-Nine Crore Twenty Six Lakh Fifty Thousand only). With this agreement, the Financial Closure for Kiru HEP for Rs. 3738.53 crore has been achieved.

 

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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.

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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 Shri Ramesh Mukhiya, Managing Director, Shri Vasant Hurmade, GM (C&P), Shri Sanjay Kumar Gupta, GM (Finance), from CVPPPL and Shri Nitin Kumar, GM & HOU (CSP), Shria Avinash Chand, Shri Vishu Chaudhary from PFC and Shri 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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