PFC and REC to fund Rs.8660 Crore to Odisha Power Generation Corporation

The Odisha Power Generation Corporation (OPGC) signed an agreement with the Power Finance Corporation Limited (PFC) and Rural Electrification Corporation Limited (REC) to secure assistance of Rs.8,660 crore to fund expansion of its 2x660-MW thermal power plant (units 3&4) project.

The debt component of RS8,660 crore has been agreed to be financed in the ratio of 50:50 by the PFC and the REC on a long-term basis to be recovered over a period of 20 years. The estimated total cost of the project is RSl,l547 crore and is based on a debt-equity ratio of 75:25.

Various clearances and permits are in place for the expansion project and land acquisition for mines and exclusive railway corridor is in progress through the IDCO.

Source: Daily Pioneer