Amidst a recent development, the Maharatna PSU and leading NBFC operating under the Ministry of Power, REC Limited, signed an MoU with the Chenab Valley Power Project Private Limited (CVPPPL) to mobilise a mammothal financial assistance of Rs. 1,869.265 crores as Term Loan. This loan is expected to be utilized for the development, construction and operation of the Greenfield 4 x156 MW Kiru Hydro Electric Project on the Chenab River, in the Kishtwar district of Jammu & Kashmir.

The said agreement was signed in the coveted presence of Managing Director Ramesh Mukhiya; General Manager (C&P) Vasant Hurmade; and General Manager (Finance) Sanjay Kumar Gupta from CVPPPL, and Deputy General Managers Mr. Pramod Kumar Soni and Mr. Rishabh Jain from REC Limited. Under a run-of-river scheme, the 624 MW Kiru Hydro Electric Project envisages the construction of a dam of height 135 metres and an underground Power House with four units of 156 MW each.

The CVPPPL (since 2011) is a Joint Venture Company between NHPC (51%) and JKSPDC (49%) that works to harness the vast hydro potential of river Chenab. The company has been entrusted with construction of Kiru Hydro Electric Project (624 MW), Pakal Dul Hydro Electric Project (1000 MW), Kwar Hydro Electric Project (540 MW), and Kirthai-II Hydro Electric Project (930 MW) on Build, Own, Operate and Maintain (BOOM) basis with an aggregate installed capacity of 3094 MW.

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