REC Limited Signs ₹1,869 Cr Agreement with Chenab Valley Power Project for Kiru Hydro Electric Project

New Delhi: REC Limited, a Maharatna Central Public Sector Enterprise and prominent Non-Banking Financial Company (NBFC) under the Ministry of Power, has forged a significant agreement with Chenab Valley Power Project Private Limited (CVPPPL) to provide financial assistance for the development, construction, and operation of the Greenfield 4 x 156 MW Kiru Hydro Electric Project on the River Chenab in the Kishtwar district of Jammu & Kashmir.

Under the terms of the agreement, REC will extend a term loan amounting to ₹1,869.265 crores to CVPPPL to facilitate the execution of the project.

The Kiru Hydro Electric Project, with a total capacity of 624 MW, is designed as a run-of-river scheme, featuring the construction of a dam standing at a height of 135 metres and an underground Power House equipped with four units of 156 MW each.

The signing ceremony for this pivotal agreement took place in the presence of key officials from both REC Limited and Chenab Valley Power Project Private Limited. 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.