SRINAGAR: 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.
