Hydro power major SJVN gets financial closure for two projects – EQ Mag Pro
SJVN Chairman & Managing Director Nand Lal Sharma said as per the loan agreement, SBI will provide Rs 1,537 crore for Luhri-1 project at an interest rate of 6.90 per cent per annum which is the debt portion of total project cost of Rs 1,922.12 crore.
New Delhi: State-owned power producer SJVN on Thursday said SBI and PNB will provide financial assistance of Rs 1,537 crore and Rs 319 crore for two of its projects. The company has also received financial closure from the two banks for 210 MW Luhri-1 hydro electric project in Himachal Pradesh and 75 MW Parasan solar power project in Uttar Pradesh, a company statement said.
SJVN Chairman & Managing Director Nand Lal Sharma said as per the loan agreement, SBI will provide Rs 1,537 crore for Luhri-1 project at an interest rate of 6.90 per cent per annum which is the debt portion of total project cost of Rs 1,922.12 crore.
“A financial closure is a stage of project development when all the conditions of a financing agreement are fulfilled prior to initial availability of funds by the financers,” Sharma explained.
The foundation stone for Luhri-1 project was laid by Prime Minister Narendra Modi on December 27, 2021 and construction activities are in full swing.
Construction activities have also commenced at Parasan solar project. Post commissioning, the project will generate 168.343 million units annually at a tariff of 2.68 per unit.
Source : PTI
