PFC and SJVN Are Partnering to Fund Renewable and Thermal Energy Projects Worth Rs 1.18 lakh Crore
- Indian Masterminds Bureau
- Published on 21 Sep 2023, 12:00 pm IST
- 1 minute read
According to the MoU, the term loan financial assistance is temporarily set at 70% of the project cost, with the option of raising this allocation for renewable energy projects based on project specific criteria.
Power Finance Corporation (PFC) and SJVN Ltd established a Memorandum of Understanding (MoU) on Wednesday (20.09.2023) to give financial support to SJVN Ltd’s broad project portfolio. This portfolio includes a diverse range of projects, with a focus on renewable energy and thermal generation activities, totaling Rs 1.18 lakh crore. The combined capacity of these projects is 12,178 MW, with an additional 660 MW thermal generation project thrown in for good measure.
Manoj Sharma, Director (Commercial) of PFC, and Akhileshwar Singh, Director (Finance) of SJVN signed the Memorandum of Understanding, reiterating their mutual commitment to this collaboration.
PFC’s financial support, in the form of term loans, is roughly estimated to range between Rs 80,000 and Rs 90,000 crore, signifying a significant commitment to implementing these critical projects. Importantly, these funds remain flexible and may be supplemented to meet the specific demands of renewable energy projects, demonstrating the partnership’s agility and responsiveness to changing project requirements.
This collaborative effort between PFC and SJVN demonstrates their shared commitment to creating sustainable and clean energy solutions, hence advancing India’s goals for a greener future.
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