Neyveli Uttar Pradesh project to get Rs. 11,067 cr from PFC consortium

Power Finance Corporation Ltd (PFC) in consortium with Rural Electrification Corporation (REC) and State Bank of India (SBI) will provide Rs 11,067-crore financial assistance to Neyveli Uttar Pradesh Power Ltd (NUPPL).

According to a PFC statement, the consortium has bagged the Letter of Award (LoA) after an e-tendering process to fund for the 3×660 MW (1980 MW) coal-based thermal power station. The project is being executed by NUPPL in Ghatampur tehsil, Kanpur Nagar, Uttar Pradesh.

NUPPL is a joint venture company of NLC India Ltd (NLC) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL) for supply of power to Uttar Pradesh. With a proposed capacity of 3×660 MW, Ghatampur coal-based thermal power station is being developed at an estimated project cost of Rs 17,237.80 crore to be funded in debt-equity ratio of 70:30.

Out of the total debt of Rs 12,067 crore, Rs 11,067 crore debt is funded by the PFC-led consortium. The balance debt is provided by Bank of India. This project is expected to be commissioned by November 2021 and it will generate approximately 13.96 billion units of energy to meet the future power requirement of Uttar Pradesh, added the statement.

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