Mumbai: SJVN Arun- 3 Power Development Company, a subsidiary of SJVN Limited in Nepal, today signed Term Loan Documents for drawl of INR 6333.40 Crore Loan with the consortium of banks from India & Nepal. The consortium, led by SBI India and PNB, have Exim Bank, Canara UBI & Everest Bank, Nepal & Nabil Bank, Nepal as consortium members. The term loan signing ceremony was performed in the presence of Sh. Nand Lal Sharma, Chairman & Managing Director, SJVN and Sh. A. K. Singh, Director (Finance) besides senior officers Sh. Rajesh Kumar Gupta, Chief GM (BDE)/Head (LO), Sh. A.M. Jha, Chief GM (F&A).
Speaking on the occasion Shri Nand Lal Sharma re-affirmed SJVN’s commitment to complete the construction of 900 MW Arun – 3 HEP in Nepal in the FY 2023-24, one year ahead of the scheduled commissioning of the Project in February 2025, as required under Project Development Agreement and Financing Documents.
The documents were signed by Sh. Jitendra Yadav, Chief Finance Officer, SAPDC, Nepal on behalf of SAPDC & respective signatories of consortium Banks.
Shri Sharma said that SJVN is implementing the 900 MW Arun 3 Hydroelectric project in Nepal through its wholly owned subsidiary SJVN Arun-3 Power Development Company. The project, he told, is in an advanced stage of construction and is targeted to be completed in the financial year 2023-24. The project completion, Shri Sharma told, had 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.
Shri Sharma further said that as a result of trust gained by SJVN by efficient implementation of the project, the Government of Nepal has also allocated Lower Arun Hydro Power Project to the company.
Presently SJVN has a portfolio of more than 16000 MW, with 2016.50 MW installed capacity and rest under various stages of development. This tremendous growth in the portfolio has enabled SJVN to revise and upgrade its Shared Vision. Now, the company is set out to achieve 5000 MW by 2023, 25000 MW by 2030 and 50000 MW installed capacity by year 2040.