SJVN signs papers to get Rs 6,333 cr loan for Arun-3 hydro project in Nepal

State-owned SJVN on Tuesday signed papers to get a Rs 6,333.40-crore mortgage from a consortium of banks from India and Nepal for funding of its Arun-3 energy venture in Nepal.

“SJVN Arun-3 Energy Growth Firm, a subsidiary of SJVN Ltd in Nepal, right this moment (on Tuesday) signed time period mortgage paperwork for drawl of Rs 6,333.40-crore mortgage with the consortium of banks from India and Nepal,” the corporate stated in an announcement.

The consortium, led by SBI India and PNB, have Exim Financial institution, Canara UBI & Everest Financial institution, Nepal & Nabil Financial institution, Nepal as consortium members, based on the assertion.

SJVN Chairman and Managing Director Nand Lal Sharma re-affirmed SJVN’s dedication to finish the development of 900-MW Arun-3 HEP (hydro electrical venture) in Nepal within the monetary yr 2023-24, one yr forward of the scheduled commissioning of the venture in February 2025, as required beneath Mission Growth Settlement and Financing Paperwork.

The paperwork have been signed by Jitendra Yadav, chief finance officer, SAPDC, Nepal on behalf of SAPDC and respective signatories of consortium banks.

Sharma stated within the assertion that SJVN is implementing the 900-MW Arun-3 hydroelectric venture in Nepal via its wholly-owned subsidiary SJVN Arun-3 Energy Growth Firm.

The venture, he stated, is in a complicated stage of building and is focused to be accomplished within the monetary yr 2023-24.

The venture completion, Sharma stated, had been superior by a few yr which is able to immensely profit not solely SJVN but in addition the federal government of Nepal who will begin getting energy provide as a primary infrastructure for the economic growth of the nation.

Sharma additionally stated that on account of belief gained by SJVN by environment friendly implementation of the venture, the Authorities of Nepal has additionally allotted Decrease Arun Hydro Energy Mission to the corporate.

At the moment, SJVN has a portfolio of over 16,000 megawatt (MW), with 2,016.50 MW put in capability and the remaining beneath numerous levels of growth.

This large progress within the portfolio has enabled SJVN to revise and improve its shared imaginative and prescient.

Now, the corporate is got down to obtain 5,000 MW by 2023, 25,000 MW by 2030 and 50,000 MW put in capability by yr 2040.

(Solely the headline and movie of this report could have been reworked by the Enterprise Commonplace workers; the remainder of the content material is auto-generated from a syndicated feed.)

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