India's SJVN signs papers to get Rs101 billion loan for Arun-3 hydro project
(MENAFN- Trend News Agency)
India's hydropower major Satluj Jal Vidyut Nigam (SJVN) has
signed papers to get a INR63.33 billion (around Rs101 billion) loan
from a consortium of Nepali and Indian banks to fund its Arun-3
hydropower project in the eastern Nepal, Trend reports citing The Kathmandu
Post .
'SJVN Arun-3 Power Development Company, a subsidiary of SJVN Ltd
in Nepal signed term loan documents with the consortium of banks
from India and Nepal,' the company said in a statement last week.
The papers were signed on February 22.
The consortium, led by State bank of India and Punjab National
Bank, has Exim Bank and Canara UBI India as partners. In Nepal,
Everest Bank and Nabil Bank are its consortium members, according
to the statement.
SJVN Chairman and Managing Director Nand Lal Sharma reaffirmed
SJVN's commitment to complete the construction of 900MW Arun-3
hydropower project in Nepal by the fiscal year 2023-24, one year
ahead of the scheduled commissioning of the project in February
2025, as required under Project Development Agreement and Financing
Documents, according to the statement.
SJVN is implementing the Arun-3 project in Nepal through its
wholly-owned subsidiary SJVN Arun-3 Power Development Company.
The project, according to Sharma, is in an advanced stage of
construction.
The project completion, according to Sharma, has been advanced
by about a year which will immensely benefit not only SJVN but also
the government of Nepal who will start getting power supply as a
basic infrastructure for the industrial development of the
country.
Sharma also said that as a result of trust gained by SJVN by
efficient implementation of the project, Nepal has also allocated
Lower Arun Hydropower Project to the company.
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