REC Limited Signs Agreement With CVPPL, To Provide ₹2147.508 Crore Term Loan To Develop 1000MW Pakal Dul Hydro Electric Project

REC Limited, a Maharatna CPSE and a leading NBFC under the Ministry of Power, has signed an agreement with Chenab Valley Power Project Limited (CVPPL) to provide a term loan of ₹2147.508 crore (Rupees Two Thousand One Hundred Forty-Seven Crore & Fifty Lakh Eighty Thousand only).  The loan will be utilized for the development and construction of the greenfield Pakal Dul Hydro Electric Project, a 1000MW capacity hydroelectric project with a total estimated cost of ₹12,669.67 crore. The project is being developed on the Marusadar River, located in the Kishtwar District of Jammu & Kashmir.

The formal signing ceremony took place on February 11, 2025, at CVPPL바카라™s Corporate Office in Jammu (J&K) in the presence of Sh. Ramesh Mukhiya, Managing Director, CVPPL and Sh. Bhupesh Chandolia, Chief Project Manager (CPM), REC Limited, Regional Office Jammu along with other senior officials from both organizations.

This strategic collaboration marks a significant milestone in the pursuit of sustainable energy development in the Jammu & Kashmir region. The Pakal Dul Hydro Electric Project is expected to play a pivotal role in harnessing renewable energy resources, contributing to the region바카라™s energy security, and supporting India's clean energy transition.

Previously, REC has signed an agreement in April 2024 with CVPPPL for financial assistance of ₹1869.265 Crore as Term Loan. The loan was for Development, Construction and Operation of Greenfield Kiru Hydro Electric Project (4 x156 MW) on River Chenab located in Kishtwar District of Jammu & Kashmir.

ABOUT CVPPL: CVPPPL is a Joint Venture Company between NHPC (51%) and JKSPDC (49%) formed at the initiative of Government of J&K and Government of India to harness the vast hydro potential of river Chenab. The Company has been incorporated in 2011. CVPPL has been entrusted with construction of Kiru HE Project (624 MW), Pakal Dul HE Project (1000 MW), Kwar HE Project (540 MW), & Kirthai-II HE Project (930 MW) on Build, Own, Operate and Maintain (BOOM) basis with aggregate installed capacity of 3094 MW.

About REC LIMITED

REC is a 'Maharatna' company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen, Green Ammonia projects etc. More recently REC Limited has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc.

REC Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Limited continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of PM Surya Ghar Muft Bijli Yojna from Central Government. The Loan Book of REC stands at â‚¹5.65 lakh crore, Market capitalization at ₹1,31,844 crore and Net Worth at ₹76,502 crores as on 31 Dec 2024.