Sunday, May 22, 2022

SJVNs Arun Power subsidiary signs Rs 6,333 crore loan agreement

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New Delhi: SJVN Arun- 3 Power Development Company, a subsidiary of SJVN Limited in Nepal, on Tuesday signed term loan documents for a drawl of Rs 6,333.40 crore loan with the consortium of banks from India and Nepal. The consortium, led by the State Bank of India (SBI) and PNB, have Exim Bank, Canara UBI and Everest Bank, Nepal & Nabil Bank, Nepal as consortium members. The term loan signing ceremony was performed in the presence of SJVN Limited’s Chairman & Managing Director (CMD) Nand Lal Sharma and Director (Finance) AK Singh besides senior officers.

Speaking on the occasion Sharma re-affirmed SJVN’s commitment to complete the construction of 900 MW Arun – 3 HEP in Nepal in the FY 2023-24, one year ahead of the scheduled commissioning of the project in February 2025, as required under the project development agreement and financing documents.

The documents were signed by SAPDC’s (Nepal) Chief Finance Officer Jitendra Yadav on behalf of and respective signatories of consortium banks.

Sharma said that SJVN is implementing the 900 MW Arun 3 hydroelectric project in Nepal through its wholly-owned subsidiary SJVN Arun-3 Power Development Company. The project, he told, is in an advanced stage of construction and is targeted to be completed in the financial year 2023-24. The project completion Sharma told, had been advanced by about a year which will immensely benefit not only SJVN but also the government of Nepal who will start getting power supply as a basic infrastructure for the industrial development of the country.

Sharma further said that as a result of trust gained by SJVN Limited by efficient implementation of the project, the Government of Nepal has also allocated Lower Arun Hydro Power Project to the company.

Presently SJVN has a portfolio of more than 16,000 MW, with 2016.50 MW installed capacity and the rest under various stages of development.

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