Power Finance Corporation, Gujarat Government Ink Rs 25,000 Cr Deal For State Power Initiatives
Power Finance Corporation (PFC), a Maharatna CPSE and a leading NBFC in the power sector, has entered into a Memorandum of Understanding (MoU) with the government of Gujarat to provide comprehensive financial support for the state's generation, transmission, and distribution projects.
The MoU was signed on 3 January 2024, in Gandhinagar, underscoring a significant step towards advancing Gujarat's power infrastructure.
The collaboration aims to bolster projects undertaken by key entities in the state's power sector, including Gujarat Urja Vikas Nigam (GUVNL), Gujarat State Electricity Corporation (GSECL), Gujarat Energy Transmission Corporation (GETCO), Dakshin Gujarat Vij Company (DGVCL), Madhya Gujarat Vij Company (MGVCL), Paschim Gujarat Vij Company (PGVCL), and Uttar Gujarat Vij Company (UGVCL). This partnership is set to provide long-term debt and critical funding necessary for executing diverse projects.
Under the terms of the MoU, Power Finance Corporation commits an impressive Rs. 25,000 Crore in financial assistance, dedicated to powering various projects across Gujarat.
This significant financial commitment not only emphasises PFC's steadfast commitment to bolstering power infrastructure but also supports the state's ambitious initiatives in the power sector.
Additionally, the collaboration is expected to create employment opportunities, contributing to the generation of 10,000 jobs in the state.
The MoU was officially signed by Parminder Chopra, CMD PFC, and Jai Prakash Shivhare, MD (GUVNL), in the presence of key dignitaries, including Bhupendra Patel, Chief Minister of Gujarat; Rushikesh Patel, Minister of Health & Family Welfare, Higher & Technical Education, Law & Justice, Gujarat; Raj Kumar, Chief Secretary, Gujarat; SJ Haider, Additional Chief Secretary, Gujarat; Mamta Verma, Principal Secretary (Energy & Petrochemicals Department); RK Chaturvedi, Executive Director (Projects), PFC, and other senior officials from PFC, GUVNL, and other power utilities.
The strategic alliance is anticipated to usher in a new era of energy sustainability and efficiency in Gujarat, playing a pivotal role in realising the state's vision for a robust and reliable power infrastructure.
This partnership is poised to bring transformative changes, marking a significant milestone in Gujarat's journey towards a future of reliable, sustainable, and accessible power for its residents.
