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In a significant development, state-owned power producer SJVN Ltd has announced a strategic collaboration with Power Finance Corporation (PFC) to secure financial assistance for its ambitious projects valued at a staggering Rs 1.18 lakh crore.
SJVN Partners with PFC
The collaboration is marked by the signing of a Memorandum of Understanding (MOU) between PFC and SJVN. The MOU outlines the financial assistance that PFC will provide for a diverse portfolio of projects, primarily focusing on Renewable Energy projects and thermal generation ventures. These projects are set to be established with an estimated total project cost of about Rs 1,18,826 crore.
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The financial support from PFC will be in the form of term loans and is tentatively proposed to cover 70% of the project cost. However, for renewable energy projects, this percentage may be increased based on specific project requirements. The projects include Renewable Energy ventures encompassing Solar, Hydro, and Pumped Storage, contributing to a total capacity of 12,178 MW, in addition to a 660 MW thermal generation project.
The MoU was officially signed by PFC’s Director (Commercial), Manoj Sharma, and SJVN’s Director (Finance), Akhileshwar Singh, solidifying the collaboration and highlighting their commitment to steering these projects towards success.
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PFC’s financial support, proposed to range from Rs 80,000 crore to Rs 90,000 crore in the form of term loans, underscores the organization’s dedication to realizing these crucial projects. Moreover, these funds can be further increased to cater to the specific requirements of renewable energy projects, showcasing the flexibility and adaptability of this partnership to evolving project needs.
The collaboration between PFC and SJVN exemplifies their joint commitment to promoting sustainable and clean energy solutions for India’s future. By actively contributing to the development of renewable energy and thermal generation projects on a large scale, both entities are set to significantly bolster India’s energy security and environmental sustainability.
The projects backed by this collaboration are expected to play a vital role in meeting India’s burgeoning energy demands while adhering to eco-friendly practices. As the nation continues to focus on sustainable growth, partnerships like these will be instrumental in realizing India’s clean energy aspirations and strengthening its position on the global energy map.