Recently, the Chenab Valley Power Project Private Limited (CVPPPL) entered into a Rs 1869.265 crores-worth term loan agreement with the Maharatna PSU Power Finance Corporation Limited, completing the financial closure of the Kiru Hydro Electric Project (HEP) totalling to Rs 3738.53 crores. The agreement was signed on June 14th at CVPPPL’s corporate office in Jammu, where key officials from both the PSUs participated.
Mr. Ramesh Mukhiya, the CVPPPL’s Managing Director, Mr. Vasant Hurmade, the GM (C&P), Mr. Sanjay Kumar Gupta, the GM (Finance), and Mr. Nitin Kumar, PFC’s GM & HOU (CSP), along with Mr. Avinash Chand and Mr. Vishu Chaudhary graced the momentous development.
The loan has been granted to finance the development and construction of the Greenfield Kiru Hydro Electric Project, where four 156 MW units will be built on the Chenab River in the Kishtwar District of Jammu & Kashmir to boost the availability of sustainable energy infrastructure in the region.
The CVPPPL, a joint venture PSU between NHPC (51%) and JKSPDC (49%), was constituted as a joint initiative of the Government of J&K and the Government of India to harness the vast hydro potential of river Chenab.
