REC Signs INR 1,869 Cr Agreement with CVPPPL for Kiru Hydro Electric Project in J&K

REC Limited, an NBFC under the Ministry of Power and a Maharatna Central Public Sector Enterprise, has inked an agreement with Chenab Valley Power Project Private Limited (CVPPPL). 

The agreement entails REC providing financial assistance amounting to INR 1,869.265 crores as a term loan to CVPPPL. This funding is earmarked for the development, construction, and operation of the Greenfield 4 x 156 MW Kiru Hydro Electric Project on the River Chenab, situated in the Kishtwar district of Jammu and Kashmir.

The Kiru Hydro Electric Project, boasting a capacity of 624 MW, is designed as a run-of-river scheme. It involves the construction of a dam standing at a towering height of 135 meters and an underground powerhouse housing four units, each with a capacity of 156 MW.

The signing ceremony for this agreement witnessed the presence of several key figures from both REC Limited and CVPPPL. Representing CVPPPL were Managing Director Ramesh Mukhiya, General Manager (C&P) Vasant Hurmade, and General Manager (Finance) Sanjay Kumar Gupta. REC Limited was represented by Deputy General Manager Pramod Kumar Soni and Deputy General Manager Rishabh Jain.