REC Approves Rs 1,869 Crore Loan for Kiru Hydro Project in J&K

By siliconindia  |  Wednesday, 24 April 2024, 06:01:13 PM IST

REC Approves Rs 1,869 Crore Loan for Kiru Hydro Project in J&K
REC Limited, a Maharatna public sector company and leading NBFC, has signed an agreement with Chenab Valley Power Project Private Limited (CVPPPL) to provide a term loan of Rs 1,869.26 crore. The loan will be used to develop, construct, and operate the Kiru Hydro Electric Project (4x156 MW) on the Chenab River in the Kishtwar district of Jammu and Kashmir.
The Kiru Hydro Electric Project, with a capacity of 624 MW, is a run-of-river scheme located approximately 42 km from Kishtwar. The project will involve the construction of a 135-meter-high dam and an underground powerhouse, consisting of four units each with a capacity of 156 MW.
The agreement was signed in the presence of CVPPPL Managing Director Ramesh Mukhiya and Deputy General Manager Rishabh Jain from REC Limited. CVPPPL is a joint venture company formed between NHPC (51%) and JKSPDC (49%) at the initiative of the Jammu and Kashmir government and the Central government. Established in 2011, the company aims to harness the vast hydro potential of the Chenab River.
CVPPPL is responsible for the construction of several hydroelectric projects, including Kiru (624 MW), Pakal Dul (1,000 MW), Kwar (540 MW), and Kirthai-II (930 MW) on a Build, Own, Operate, and Maintain (BOOM) basis. These projects represent an aggregate installed capacity of 3,094 MW.

ON THE DECK

siliconindia