Saturday, May 18 2024 | Time 16:20 Hrs(IST)
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Business Economy


REC to provide loan of Rs 1869 cr to Chenab Valley Power Project in J&K

New Delhi, April 24 (UNI) State-owned non-banking finance company REC Limited has signed an agreement with Chenab Valley Power Project Private Limited (CVPPPL), under which it will provide financial assistance of Rs 1,869.265 crore as a term loan.
The loan will be utilized for the development, construction, and operation of the 4 x 156 MW Kiru Hydroelectric Project on the River Chenab in the Kishtwar district of Jammu and Kashmir, an official statement from the Ministry of Power said.
The 624 MW Kiru Hydro Electric Project is a run-of-river scheme that envisages the construction of a dam of 135 meters and an underground power house with 4 units of 156 MW each.
CVPPPL is a joint venture company between NHPC (51%), JKSPDC (49%), a joint initiative of the Government of India and the Government of J&K, formed to harness the vast hydropotential of the Chenab River.
The company was incorporated in 2011. CVPPPL has been entrusted with the construction of the 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 a build, own, operate, and maintain (BOOM) basis, with an aggregate installed capacity of 3094 MW.
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