REC to Fund 624 MW Kiru Hydro Project in J&K - Rs 1,869 cr Loan

New Delhi, Apr 24 (PTI) State-owned REC Ltd on Wednesday said it will provide a term loan of Rs 1,869 crore for 624 MW Kiru Hydro Electric Project in Kishtwar, Jammu & Kashmir.

The loan will be utilized for development, construction and operation of the project on River Chenab, a statement said.

According to the statement, REC has signed an agreement with Chenab Valley Power Project Private Ltd (CVPPPL), under which REC will provide CVPPPL with a financial assistance of Rs 1,869.265 crore as term loan.

The project envisages construction of a 135-metre high dam and an underground power house with 4 units of 156 MW each.

CVPPPL is a joint venture between NHPC (51 per cent) and JKSPDC (49 per cent). The company was incorporated in 2011.

REC finances the entire power-infrastructure sector comprising generation, transmission, distribution, renewable energy and new technologies like electric vehicles, battery storage, pumped storage projects, green hydrogen and green ammonia projects.

REC is an NBFC (non-banking finance company) under Ministry of Power.

The loan book of REC stands at Rs 4.97 lakh crore and net worth at Rs 64,787 crore as on December 31, 2023.