Satluj Jal Vidyut Nigam (SJVN), a state-owned hydroelectric power generation company, signed documents to get a Rs 6,333.40 crore loan from a consortium of banks from India and Nepal for funding its Arun-3 power project in Nepal.

According to the media, the consortium in India, led by the State Bank of India (SBI) and Punjab National Bank (PNB), have Exim Bank, Canara UBI and Everest Bank, Nabil Bank as its consortium members.

On behalf of SJVN Arun-3 Power Development Company (SAPDC) and other respective signatories of consortium banks, Jitendra Yadav, Chief Finance officer, signed the loan papers.

Nand Lal Sharma, SJVN Chairman and Managing Director (MD), told the media that SJVN is executing the 900-MW Arun-3 hydroelectric project (Arun-3 HEP) in Nepal via its wholly-owned subsidiary SAPDC.

He said that the project is in a progressive stage of construction and is likely to be completed by the financial year (FY) 2023-24.

Sharma said the project completion has been increased by nearly a year. It would greatly significantly benefit both SJVN and the Nepal Government.

Moreover, it would enable the Government of Nepal to start receiving power supply as a basic infrastructure for the industrial development of the country.

The Chairman and MD also revealed that the Nepal Government also allocated Lower Arun Hydro Power Project to the company.

At present, SJVN has a portfolio of over 16,000 megawatts (MW), including 2,016.50 MW installed capacity and the remaining under different stages of development.

Currently, the company is ready to accomplish 5,000 MW by 2023, 25,000 MW by 2030, and 50,000 MW installed capacity by 2040.

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