SJVN signs MOU with PFC for Rs. 1,18,000 Crores financing RE & Thermal Projects
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Shimla: 20.09.2023
Nand Lal Sharma, Chairman & Managing Director, SJVN informed that SJVN has signed a Memorandum of Understanding (MoU) with Power Finance Corporation (PFC) for financing SJVN’s diversified project portfolio.
Nand Lal Sharma stated that PFC has agreed to finance SJVN’s renewable projects viz solar, hydro & pumped storage projects and thermal project to be set up at the total project cost of around Rs.1,18,826 crores. The term loan financial assistance is tentatively proposed at 70% of the project cost, which may be increased for renewable energy projects as per the project requirements.
The MOU was signed in the esteemed presence of Sh. Nand Lal Sharma, Chairman & Managing Director, SJVN and Smt. Parminder Chopra, Chairman & Managing Director, PFC by Sh. Akhileshwar Singh, Director (Finance) SJVN and Sh. Manoj Sharma, Director (Commercial) PFC. During the MOU signing, Smt. Geeta Kapur, Director (Personnel) SJVN and senior officials of SJVN and PFC were also present.
Recently, SJVN has inked various MOUs with other power CPSEs for developing renewable energy projects. This will strengthen the footprints of SJVN in the renewable energy sector and will help in achieving the Government of India’s target of 50 percent installed capacity from non-fossil fuel sources by 2030. This will also help in achieving the company’s new Mission of 12000 MW by 2026 and the ambitious Shared Vision of 50,000 MW installed capacity by 2040.
