State-owned SJVN on Tuesday signed papers to get a Rs 6,333.40-crore loan from a consortium of banks from India and Nepal for funding of its Arun-3 power project in Nepal.
"SJVN Arun-3 Power Development Company, a subsidiary of SJVN Ltd in Nepal, today (on Tuesday) signed term loan documents for drawl of Rs 6,333.40-crore loan with the consortium of banks from India and Nepal," the company said in a statement.
The consortium, led by SBI India and PNB, have Exim Bank, Canara UBI & Everest Bank, Nepal & Nabil Bank, Nepal as consortium members, according to the statement.
SJVN Chairman and Managing Director Nand Lal Sharma re-affirmed SJVN's commitment to complete the construction of 900-MW Arun-3 HEP (hydro electric project) in Nepal in the financial year 2023-24, one year ahead of the scheduled commissioning of the project in February 2025, as required under Project Development Agreement and Financing Documents.
The documents were signed by Jitendra Yadav, chief finance officer, SAPDC, Nepal on behalf of SAPDC and respective signatories of consortium banks.
Sharma said in the statement that SJVN is implementing the 900-MW Arun-3 hydroelectric project in Nepal through its wholly-owned subsidiary SJVN Arun-3 Power Development Company.
The project, he said, is in an advanced stage of construction and is targeted to be completed in the financial year 2023-24.
The project completion, Sharma said, had been advanced by about a year which will immensely benefit not only SJVN but also the government of Nepal who will start getting power supply as a basic infrastructure for the industrial development of the country.
Sharma also said that as a result of trust gained by SJVN by efficient implementation of the project, the Government of Nepal has also allocated Lower Arun Hydro Power Project to the company.
Currently, SJVN has a portfolio of over 16,000 megawatt (MW), with 2,016.50 MW installed capacity and the rest under various stages of development.
This tremendous growth in the portfolio has enabled SJVN to revise and upgrade its shared vision.
Now, the company is set out to achieve 5,000 MW by 2023, 25,000 MW by 2030 and 50,000 MW installed capacity by year 2040.
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