REC Limited and Power Finance Corporation Limited (PFC) – CPSUs under the Ministry of Power have signed a Memorandum of Loan Agreement with SJVN Thermal Private Ltd. (STPL) for financing 2×660 MW coal based Buxar Thermal Power Plant (BTPP). The MoA was signed in the presence of Shri R S Dhillon, CMD – PFC, Shri N L Sharma, CMD – SJVN, Shri Ajoy Choudhury, Director (Finance) – REC and Shri V K Singh, Director (Technical) – REC and other senior officials.
Speaking about the signing, Shri Vivek Kumar Dewangan, CMD – REC said that this 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.
SJVN Thermal Private Limited is a 100% wholly owned subsidiary of SJVN Ltd (Mini Ratna CPSE under administrative control of Ministry of Power, Govt. of India). STPL is currently executing 2×660 MW coal based Buxar Thermal Power Plant (BTPP) which 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 the Hon’ble Prime Minister Shri Narendra Modi.
The total estimated Project Cost is ₹12,172.74 Crore with debt requirement of ₹8520.92 Crore. As per the MoA, the debt requirement shall be financed by REC & PFC.