INVC NEWSNew Delhi,
Power Finance Corporation Limited (PFC) has sanctioned a Term Loan of Rs. 5474 crore to ‘Tamil Nadu Generation & Distribution Corporation Ltd’ (TANGEDCO)for Setting up 2×800 MW, Coal Based ‘UPPUR TPS’using super-critical technology in Ramanathapuram District &for Renovation, Modernization and Uprating of Sholayar Power House-I from 2×35 MW to 2×42 MW. The UPPUR TPS is expected to be commissioned by May 2021 and will generate energy of approx. 11228 Million Units per annum, to meet the future power requirement of Tamil Nadu.
PFC has also sanctioned a financial assistance of Rs. 3654 crore to ‘Tamil Nadu Transmission Corporation Ltd’ (TANTRANSCO)for strengthening of Power Transmission network and for establishing 765/400kV GIS based North Chennai Pooling Station at Ennore, Tiruvallur District in the State of Tamil Nadu. The North Chennai Pooling Station, being developed by TANTRANSCO, is expected to be commissioned by June 2019 at an estimated project cost of Rs. 2866.75 crore.The entire debt for the project is to be provided by PFC.
The loan agreement for the above projects was executed between PFC and TANGEDCO/ TANTRANSCO Officials on March 16, 2017. On this occasion, In-principle sanction of project worth Rs. 3125 crore for conversion of existing Over Head (OH) to Under Ground (UG) cable in Tamil Nadu were also handed-over to TANGEDCO/ TANTRANSCO Officials. A cheque of Rs. 114 crore was handed over for Ennore SEZ (2×660 MW Coal Based Super Critical TPP) for which PFC had sanctioned term loan of Rs. 7668.90 crore. In addition, a cheque of Rs 500 Crore was also handed over to TANGEDCO, towards Short term support.
PFC has a long standing relationship with Tamil Nadu with a cumulative sanction of Rs. 48,500 crore and disbursement of Rs. 29500 croretowards various projects in Generation, Transmission and Distribution sector in Tamil Nadu. Tamil Nadu is PFC’s 2nd largest client in terms of Loan Assets as on December 31, 2016.
