Arun Power, subsidiary of SJVN, signed loan agreement for INR 6333.4 crore
SJVN’s subsidiary in Nepal, Arun-3 Power Development Company, signed term loan agreement for INR 6333.40 crore with the consortium of banks.
In Nepal, the subsidiary of SJVN Limited, Arun-3 Power Development Company, signed term loan documents for the drawl of INR 6333.40 crore loans with the consortium of banks in India and Nepal.
SBI India and PNB co-lead the consortium, which is composed of Exim Bank, Canara UBI, Everest Bank, Nepal, and Nabil Bank, Nepal. On behalf of SAPDC and consortium banks, Shree Jitendra Yadav, SAPDC, Nepal, signed the documents.
In addition to other senior officers, Shree Nand Lal Sharma, Chairman & Managing Director, SJVN and Shree A. K. Singh, Director (Finance) participated in the signing ceremony.
As outlined in the Project Development Agreement and Financing Documents, Shri Nand Lal Sharma re-affirmed SJVN’s commitment to completion of the 900 MW Arun-3 HEP in Nepal by the end of FY 2023-24, one year prior to the anticipated completion date of February 2025.
SJVN’s wholly-owned subsidiary SJVN Arun-3 Power Development Company is implementing the 900 MW Arun 3 Hydroelectric project in Nepal. The project is in an advanced stage of construction and is expected to be completed in the fiscal year 2023-24.
Shri Sharma said the project completion had been advanced by about a year, which will benefit not only SJVN, but also the government of Nepal, which will now begin to benefit from power supply as a basic infrastructure for the industrial development of its country.
In addition, Sharma said the Government of Nepal has allocated the Lower Arun Hydro Power Project to SJVN as well, due to the trust the company has gained by implementing the project efficiently.
SJVN’s portfolio currently exceeds 16000 MW, with 2016.50 MW installed capacity and the rest under development. A huge growth in portfolio enabled SJVN to upgrade and revise its Shared Vision. Currently, the company is aiming for 5000 MW by 2023, 25000 MW by 2030, and 50000 MW by 2040.
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