PFC & REC Extend Financial Assistance of Rs. 8520 Crore to STPL
Power Finance Corporation Ltd. (PFC), India’s leading NBFC focused on the power sector and a PSU under Ministry of Power, along with REC Ltd. (REC) executed Memorandum of Understanding (MoU) with SJVN Thermal (P) Ltd. (STPL) for Extending Term Loan of Rs. 8520.46 Crore for 2×660 MW Buxar Thermal Power Project on 26th November 2020 at New Delhi.
STPL is a wholly owned subsidiary of SJVN Limited and executing the project. The 2×660 MW Thermal project is expected to be commissioned in FY 2023-24 and generate approximately 9828 Million Units of energy to meet the future power requirement of Bihar and other States.
The signing of the MoU took place at PFC, New Delhi on 26th November 2020 in the presence of Shri Ravinder Singh Dhillon, CMD, PFC, Shri P.K. Singh, Director (Commercial) & add. Charge Director (Projects), PFC, Shri N. L. Sharma, CMD, SJVN, Shri A. K Singh, Director (Finance), SJVN. Among others present were CEO & CFO of STPL, Executive Director (ER&NER), PFC, senior officers of PFC & REC and other delegates.
PFC has a long standing relationship with SJVN and funding of this upcoming thermal project will further strengthen the relationship between these two entities.