New Delhi: Chenab Valley Power Project Private Limited (CVPPPL) has secured a substantial term loan agreement with Power Finance Corporation Limited (PFC). The agreement, valued at Rs 1869.265 crore, completes the financial closure for the Kiru Hydro Electric Project (HEP), totaling Rs 3738.53 crore.
The funds from this loan will be allocated for the development and construction of the Greenfield Kiru Hydro Electric Project, which will feature four 156 MW units on the Chenab River in Kishtwar District, Jammu & Kashmir. This initiative is set to boost sustainable energy infrastructure in the region.
The formal agreement was signed on Friday, at CVPPPL's corporate office in Jammu. Key representatives from both organisations attended the event, including CVPPPL's Managing Director Ramesh Mukhiya, GM (C&P) Vasant Hurmade, GM (Finance) Sanjay Kumar Gupta, and PFC's GM & HOU (CSP) Nitin Kumar, along with Avinash Chand and Vishu Chaudhary. Additionally, Ranjan Kumar Giri, AVP from IDBI Capital Markets & Securities Limited, was also present.
This collaboration underscores a significant advancement in the region's sustainable energy development efforts.
CVPPPL is a joint venture company between NHPC (51 percent) and JKSPDC (49 percent) formed at the initiative of Government of J&K and Government of India to harness the vast hydro potential of river Chenab.
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