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New UserREC, PFC to provide Rs 8,520 crore finance for 1,320 MW thermal power plant at Buxar
20 Oct 2022
"REC
Limited and Power Finance Corporation Limited (PFC) - Maharatna CPSEs under the
ministry of power -- have signed a memorandum of loan agreement with SJVN
Thermal Private Ltd (STPL) for financing 2x660 MW coal based Buxar Thermal
Power Plant (BTPP)," a company statement said.
New
Delhi: State-owned REC Ltd and
Power Finance Corporation have inked a pact to provide Rs 8,520.92 crore
finance for setting up a 1,320 MW thermal power plant at Buxar by SJVN Thermal
Private Ltd. "REC Limited and
Power Finance Corporation Limited (PFC) - Maharatna CPSEs under
the ministry of power -- have signed a memorandum of loan agreement with SJVN
Thermal Private Ltd (STPL) for financing 2x660 MW coal based Buxar Thermal
Power Plant (BTPP)," a company statement said.
According to the statement, the total estimated project cost is Rs 12,172.74
crore with debt requirement of Rs 8,520.92 crore. As per the agreement, the
debt requirement shall be financed by REC and PFC.
The agreement was signed in the presence of R S Dhillon,
CMD - PFC, N L Sharma,
CMD - SJVN, Ajoy Choudhury,
Director (Finance) - REC, and V K Singh, Director (Technical) - REC, and other
senior officials.
Vivek
Kumar Dewangan, CMD - REC, said in the statement that this is a great
partnership for the development of the power and energy sector. It is an
agreement that will mutually benefit all the stakeholders for years to come.
SJVN Thermal Private Limited is a 100 per cent wholly-owned subsidiary of SJVN Ltd,
a Mini Ratna category central public sector enterprise under administrative
control of the Union power ministry.
The STPL is currently executing 2x660 MW coal based Buxar Thermal Power Plant
(BTPP) which is a greenfield project designed on supercritical technology with
the objective to improve the reliability of India's eastern electricity region
and providing power to the state of Bihar.
The foundation stone for the project had been laid by Prime Minister Narendra Modi.