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REC Ltd would grant a ₹1,869 crore term loan for the 624 MW Kiru Hydro Electric Project in Kishtwar, Jammu & Kashmir. The financing will help develop, build, and operate the project on the Chenab River.
As per the announcement, REC and Chenab Valley Power Project Private Ltd (CVPPPL) have inked a deal in which REC will furnish ₹1,869.265 crore in term loan assistance. The proposal calls for the construction of a 135-meter-high dam and an underground power plant with four 156-MW units each. CVPPPL is a joint venture between NHPC (51%) and JKSPDC (49%). 2011 saw the incorporation of the business.
REC finances the entire power-infrastructure sector comprising generation, transmission, distribution, renewable energy and new technologies like electric vehicles, battery storage, pumped storage projects, green hydrogen and green ammonia projects. REC is an NBFC (non-banking finance company) under Ministry of Power.
The loan book of REC stands at ₹4.97 lakh crore and net worth at ₹64,787 crore as on December 31, 2023.
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