State-run Power Finance Corp today said that it has sanctioned financial assistance of Rs 2,703 crore for West Bengal’s first super critical thermal power project in Murshidabad district.
“PFC, a Non-Banking Financial Company (NBFC) in power sector, has sanctioned a term loan of Rs 2,703.88 crore to West Bengal Power Development Corporation Ltd (WBPDCL) for construction of Unit 5 (1 X 660 MW) under phase III of Sagardighi Thermal Power Station in Murshidabad,” the company said in statement.
According to the statement, WBPDCL is a company owned by the West Bengal government for generation and supply of electric power in the state. The 660 MW Sagardighi Unit 5 is the first super critical thermal power plant being developed by WBPDCL in the state, which is expected to be commissioned by October 2020 at an estimated cost of Rs 3,862.69 crore.
It will generate approximately 4,209 million units of energy to meet the future power requirement of West Bengal. The project is proposed to be funded in the debt equity ratio of 70:30 and the entire debt is proposed to be funded by PFC, it said.
The loan agreement was signed between PFC and WBPDCL officials yesterday in Kolkata. State government officials and utilities and senior management of PFC were also present during the signing of the agreement, it added.
Pfc has a long standing relationship with WBPDCL and has sanctioned loans worth Rs 8,290 crore for various existing units of Kolaghat, Sagardighi, Santaldih and Bakreswar thermal power projects.