REC Loan

REC Limited, an NBFC operating under the Ministry of Power, has signed an agreement with Chenab Valley Power Project Private Limited (CVPPPL), under which REC will provide CVPPL with a financial assistance of Rs 1,869.26 crore as term loan. The loan will be utilized for development, construction and operation of the Greenfield 4 x156 MW Kiru Hydro Electric Project on River Chenab, in Kishtwar district of Jammu & Kashmir.

The 624 MW Kiru Hydro Electric Project is a run-of-river scheme, which envisages construction of dam of height 135 metres and an underground Power House with 4 units of 156 MW each.

CVPPPL is a joint venture company between NHPC and JKSPDC, a joint initiative of the Government of India and the Government of J&K, formed to harness the vast hydro potential of river Chenab. The company incorporated in 2011, has been entrusted with construction of Kiru Hydro Electric Project (624 MW), Pakal Dul Hydro Electric Project (1000 MW), Kwar Hydro Electric Project (540 MW), and Kirthai-II Hydro Electric Project (930 MW) on Build, Own, Operate and Maintain (BOOM) basis with an aggregate installed capacity of 3,094 MW.

The Agreement was signed in the presence of Managing Director, Shri Ramesh Mukhiya, General Manager (C&P); Shri Vasant Hurmade and General Manager (Finance), Shri Sanjay Kumar Gupta from CVPPPL, and Deputy General Manager, Shri Pramod Kumar Soni and Deputy General Manager, Shri Rishabh Jain from REC Limited.

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