State-owned REC Ltd on Wednesday said it will provide a term loan of Rs 1,869 crore for 624 MW Kiru Hydro Electric Project in Kishtwar, Jammu & Kashmir.
The loan will be utilized for development, construction and operation of the project on River Chenab, a statement said.
According to the statement, REC has signed an agreement with Chenab Valley Power Project Private Ltd, under which REC will provide CVPPPL with a financial assistance of Rs 1,869.265 crore as term loan.
The project envisages construction of a 135-metre high dam and an underground power house with 4 units of 156 MW each.
CVPPPL is a joint venture between NHPC (51%) and JKSPDC (49%). The company was incorporated in 2011.
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 non-banking finance company under Ministry of Power.
The loan book of REC stands at Rs 4.97 lakh crore and net worth at Rs 64,787 crore as on Dec. 31, 2023.
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