UP to Get Rs 50K Cr Financial Aid From Power Finance Corporation

New Delhi: State-run Power Finance Corporation (PFC) today said that it has inked memorandums of understanding (MoUs) with Uttar Pradesh power utilities for providing financial assistance of Rs 50,200 crore.

The PFC has executed MoUs with Uttar Pradesh state sector power utilities - UPRVUNL, UPPTCL and UPPCL - for providing required financial assistance of Rs 50,200 crore, a PFC statement said.

According to statement, these funds would be used for upcoming greenfield and extension of thermal power generation projects at Jawaharpur, Panki, Harduagunj, Anpara and Obra; development of coal mines; Integrated Power Development Scheme, Saubhagya, DDUGJY (rural electrification); and for strengthening of transmission and distribution network in the state.

The financial assistance will support the state in capacity addition of 4,760 MW; and in achievement of the objective of “power for all” and 24x7 quality and reliable power supply in Uttar Pradesh. The MoUs were executed for extending financial assistance to state power utilities for next four years with cumulative amount of Rs 50,200 crore.

The MoUs were executed on the sidelines of ‘UP Powering New India Investor Summit 2018' recently held in Lucknow, in presence of Alok Kumar, Principal Secretary (Energy), Government of Uttar Pradesh, Rajeev Sharma, CMD, PFC and other senior officials from states power utilities and PFC. (PTI)