PFC Extends Rs 1,870 Cr Loan to Chenab Valley Power Project

New Delhi, Jun 14 (PTI) State-owned PFC on Friday said it has signed an agreement with the Chenab Valley Power Project Private Limited (CVPPPL) to extend a term loan of Rs 1,869.265 crore.

The CVPPPL is a 51:49 per cent Joint Venture of NHPC LTD and Jammu And Kashmir State Power Development Corporation Limited (JKSPDC), Power Finance Corporation (PFC) said in a statement.

PFC signed an agreement with CVPPPL for Rs 1,869.265 crore term loan, it added.

With this agreement, the financial closure for Kiru HEP (hydroelectric project) for Rs 3,738.53 crore has been achieved, PFC said.

As per the agreement, the loan will be used to develop and construct the greenfield Kiru Hydro Electric Project (4x156 MW) on the river Chenab in the Kishtwar District of Jammu & Kashmir.

PFC, under the Ministry of Power, is the largest non-banking financial company (NBFC).