State-owned PFC Secures Major Loan Agreement for Kiru Hydro Project in J&K

State-owned PFC announced it has signed an agreement with Chenab Valley Power Project Private Limited (CVPPPL) to extend a term loan of Rs 1,869.265 crore. This financial agreement marks the closure for the Rs 3,738.53 crore Kiru Hydro Electric Project on the Chenab River in J&K.

State-owned Power Finance Corporation (PFC) has announced a significant financial agreement with Chenab Valley Power Project Private Limited (CVPPPL), aimed at fortifying the region's hydroelectric capabilities.

The agreement involves a term loan extension of Rs 1,869.265 crore, PFC disclosed on Friday. The CVPPPL is a collaborative 51:49 joint venture between NHPC LTD and Jammu and Kashmir State Power Development Corporation Limited (JKSPDC).

This milestone agreement facilitates the financial closure for the ambitious Kiru Hydro Electric Project, a greenfield venture valued at Rs 3,738.53 crore, set to harness the power of the river Chenab in Kishtwar District, Jammu & Kashmir.