PFC, REC to provide Rs 8,520 cr loan to SJVN's power project in Bihar

State-owned PFC and REC have signed an initial pact with SJVN to provide Rs 8,520 crore worth loan for a thermal power plant in Buxar, Bihar.

State-owned PFC and REC have signed an initial pact with SJVN to provide Rs 8,520 crore worth loan for a thermal power plant in Buxar, Bihar. "PFC along with REC Ltd executed a Memorandum of Understanding with SJVN Thermal (P) Ltd (STPL) for extending term loan of Rs 8,520.46 crore for 2x660 MW Buxar Thermal Power Project on 26th November 2020," a PFC statement said

STPL is a wholly-owned subsidiary of SJVN and executing the project. The Buxar thermal power project is expected to be commissioned in 2023-24 and generate approximately 9,828 Million Units of energy to meet the future power requirement of Bihar and other states

PFC has a long standing relationship with SJVN and funding of this upcoming thermal project will further strengthen the relationship between these two entities, it added.