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

A PFC statement said that the consortium has bagged the Letter of Award (LoA) after an e-tendering process to fund for the 3x660 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 3x660 MW, Ghatampur coal-based thermal power station is being developed at an estimated project cost of ₹ 17,237.80 crore to be funded in debt-equity ratio of 70:30.

Out of the total debt of ₹ 12,067 crore, ₹ 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, the statement added.

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