Financial closure of SJVNs 1,320 MW thermal project term loan for `8448 cr term loan inked

SHIMLA: Agreement for Term Loan of Rs 8,448.46 Crore for 1,320 MW Buxar Thermal Power Project at Chausa, Bihar was signed between SJVN Thermal Pvt. Limited (STPL), a wholly owned subsidiary of SJVN, and the consortium of lending Banks & Financial Institution (FI) in a glittering ceremony at Patna on Wednesday.

The Loan agreement was inked between the parties in the presence Nand Lal Sharma, Chairman & Managing Director, SJVN. The ceremony was attended by Geeta Kapur, Director (Personnel), AK Singh, Director (Finance), Sushil Sharma, Director (Electrical) and Sanjeev Sood,

CEO, STPL. SL Sharma, Chief Finance Officer, signed the agreement on behalf of STPL with Consortium Banks/FIs, which included State Bank of India, Canara Bank and IIFCL. SBI Capital Markets Ltd. was the sole financial advisor and debt arranger to the company for this transaction. Signing of the Loan agreement paves way for funding of the construction activities in addition to equity being infused by the promoter.

Addressing the gathering on this occasion Nand Lal Sharma, Chairman & Managing Director, SJVN highlighted the need of Power for overall development of the Nation and contribution of SJVN on this front. He said that with an installed capacity of 2016.5 MW and an ambitious plan to add 25,000 MW to its portfolio by 2040, SJVN has emerged as a major power player in the country. He further told that with the commissioning of 1,320 MW Buxar Thermal Power Project in June 2023, power deficit of Bihar will be met to a large extent and shall also bring about remarkable improvement in the socio-economic development of the people. Sharma expressed thanks for cooperation and support received from the State Government in the execution of the Project and thanked Chief Minister of Bihar and State Government officials for the same. Sharma also expressed his gratitude towards the consortium banks for reposing their faith in SJVN and extending term loan for the Buxar Project.