PFC Successfully Completes Resolution of 4x30 MW Rangit-IV HEP of JPCL; Hands over to NHPC

State-owned power sector lender Power Finance Corporation (PFC) as lead FI and Punjab National Bank (PNB) as co-lender of the consortium, has successfully completed the resolution of stressed asset i.e. 120 MW (4x30 MW) Rangit-IV HEP of Jal Power Corporation Ltd (JPCL).

April 01, 2021. By Manu Tayal

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State-owned power sector lender Power Finance Corporation (PFC) as lead FI and Punjab National Bank (PNB) as co-lender of the consortium, has successfully completed the resolution of stressed asset i.e. 120 MW (4x30 MW) Rangit-IV HEP of Jal Power Corporation Ltd (JPCL).

The 120 MW project has been handed over to state-owned hydropower major NHPC Ltd on March 31, 2021.

The handing over process was completed in the presence of Ravinder Singh Dhillon, CMD of PFC, PK Singh, Director (Commercial) & additional charge Director (Projects) at PFC, Parminder Chopra, Director (Finance) at PFC, Simmi R Nakra, CVO (PFC), Rajendra Prasad Goyal, Director (Finance) at NHPC, Biswajit Basu, Director (Projects) at NHPC, Amit Jain, Resolution Professional (RP) and other senior officials from PFC, NHPC and PNB.

With this successful transfer of the stressed asset to NHPC, a new lease of life is expected to be ushered in the project.

NHPC is a leading CPSE for hydro power development in India. PFC said that it has a long standing relationship with NHPC and the move is expected to facilitate in further strengthening of the relationship between the two entities.

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