Gurugram, Oct 18 REC Limited – A Maharatna CPSE and Power Finance Corporation Limited (PFC) have signed a Memorandum of Agreement (MoA) with SJVN Thermal Private Ltd. (STPL) for financing2x660 MW coal based Buxar Thermal Power Plant (BTPP).
The MoA was signed between Ajoy Choudhury, Director (Finance), REC Limited and N L Sharma, CMD SJVN Limited in the presence of R S Dhillon, CMD, PFC and other senior officials.
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 Prime Minister Narendra Modi.
The total estimated Project Cost is ₹12,172.74 Cr. with debt requirement of ₹8520.92 Cr. As per the MoA, the debt requirement shall be financed by REC & PFC in 50:50 ratio. Accordingly, REC & PFC each has sanctioned ₹4,260.46 Cr. towards the project.
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