SJVN subsidiary Arun Power signs Rs 6,333 crore loan deal
SJVN Arun- 3 Power Development Company, a subsidiary of SJVN Limited in Nepal, today signed term loan documents for a loan of Rs6333.40 crore with the consortium of banks of India and Nepal. The consortium, led by SBI India and PNB, has Exim Bank, Canara UBI and Everest Bank, Nepal and Nabil Bank, Nepal as consortium members.
The term loan signing ceremony was attended by Sh. Nand Lal Sharma, Chairman and Managing Director, SJVN and Sh. AK Singh, Director (Finance) in addition to Senior Officers Sh. Rajesh Kumar Gupta, Managing Director (BDE)/Head (LO), Sh. AM Jha, Managing Director (F&A).
Speaking on the occasion, Nand Lal Sharma reaffirmed SJVN’s commitment to complete the construction of 900MW Arun – 3 HEP in Nepal in the fiscal year 2023-24, one year ahead of the planned commissioning of the project in February 2025, as required by the project. Development agreement and financing documents.
The documents were signed by Sh. Jitendra Yadav, Chief Financial Officer, SAPDC, Nepal on behalf of SAPDC and the respective signatories of the consortium banks.
Sharma said that SJVN is implementing the 900 MW Arun 3 hydropower project in Nepal through its wholly owned subsidiary SJVN Arun-3 Power Development Company. The project, he said, is at an advanced stage of construction and is expected to be completed in fiscal year 2023-24. Completion of the project, Sharma said, had been advanced by about a year, which will greatly benefit not only SJVN, but also the government of Nepal, which will start power supply as a basic infrastructure for the industrial development of the country.
Sharma further stated that due to the confidence gained by SJVN through the efficient implementation of the project, the government of Nepal has also awarded the Lower Arun hydropower project to the company.
Currently, SJVN has a portfolio of over 16,000 MW, with an installed capacity of 2,016.50 MW and remains in various stages of development. This tremendous portfolio growth has allowed SJVN to revise and enhance its shared vision. Now, the company aims to reach 5,000 MW by 2023, 25,000 MW by 2030 and 50,000 MW of installed capacity by 2040.