Power Finance Corp pledges Rs 25,000 crore for Gujarati power industry projects

Power Finance Corp pledges Rs 25,000 crore for Gujarati power industry projects

Power Finance Corp pledges Rs 25,000 crore for Gujarati power industry projects

An announcement from Power Finance Corporation (PFC) on Wednesday said that the corporation and the Gujarati government inked an MOU on January 3, 2024.

The Gujarat government and the state-owned Power Finance Corporation have signed a first agreement for the provision of comprehensive financial support for the state's generating, transmission, and distribution projects.

An announcement from Power Finance Corporation (PFC) on Wednesday said that the corporation and the Gujarati government inked an MOU on January 3, 2024.

In the presence of Gujarat Chief Minister Bhupendra Patel, PFC CMD Parminder Chopra as well as MD (GUVNL) Jai Prakash Shivhare signed the Memorandum of Understanding.

This Memorandum of Understanding's primary goal is to provide the State's generating, transmission, and distribution projects complete financial support.

An agreement was made in Gandhinagar to support a number of projects run by South Gujarat Vij Company Limited, Gujarat State Electricity Corporation Limited (GSECL), Gujarat Electrical Transmission Corporation Limited (GETCO), as well as Gujarat Urja Vikas Nigam Limited (GUVNL). An essential first step. (DGVCL), West Gujarat Vij Company Limited (PGVCL), North Gujarat Vij Company Limited (UGVCL), Central Gujarat Vij Company Limited (MGVCL), and District Gujarat Vij Company Limited (DGVCL).

This partnership is expected to make it easier to get the long-term loans and other essential finance needed to carry out these varied initiatives.

According to the conditions of the MoU, an estimated Rs 25,000 crore in financial assistance would be provided to support several projects across Gujarat.

This large financial contribution demonstrates PFC's steadfast dedication to bolstering the area's electrical infrastructure and assisting the State with its ambitious power-related projects.

In addition to enabling the development of electricity infrastructure, the MoU will support the creation of up to 10,000 employment in Gujarat.