PremiumThe total estimated project cost is ₹12,172.74 crores, with debt requirement of ₹8520.92 crores, and as per the loan agreement, the debt requirement will be financed by REC and Power Finance.
New Delhi: REC Limited and Power Finance Corporation Limited (PFC) on Wednesday signed a Memorandum of Loan Agreement (MoA) with SJVN Thermal Private Ltd (STPL) to finance 2x660 MW coal based Buxar Thermal Power Plant (BTPP).
The total estimated project cost is ₹12,172.74 crores, with debt requirement of ₹8520.92 crores. As per the loan agreement, the debt requirement will be financed by REC and Power Finance.
STPL is currently executing 2x660 MW coal based Buxar Thermal Power Plant (BTPP). “It is a green field project designed on supercritical technology with the objective to improve the reliability of India’s Eastern Electricity region and providing power to the state of Bihar. The Foundation stone for the project had been laid by Prime Minister Narendra Modi," the Ministry of Power said in a press release.
The Memorandum of Loan Agreement was signed in the presence of R S Dhillon, CMD – PFC, N L Sharma, CMD – SJVN, Ajoy Choudhury, Director (Finance) – REC and V K Singh, Director (Technical) - REC and other senior officials.
Speaking about the MoA, Vivek Kumar Dewangan, CMD, REC said it is a great partnership for the development of the power and energy sector. “It is an agreement that will mutually benefit all the stakeholders for years to come."