New Delhi, Apr 18 (PTI) State-owned SJVN on Monday said the Himachal Pradesh State Co-Operative Bank will provide a loan of nearly Rs 500 crore for setting up a 66 MW hydro electric project in Himachal Pradesh.

In a regulatory filing, SJVN said it "has achieved financial closure by signing of loan agreement amounting to Rs 494 crore with Himachal Pradesh State Co-Operative Bank for development of 66 MW Dhaulasidh REP (DSHEP) coming under Hamirpur and Kangra District of Himachal Pradesh."

Also Read | Bombay High Court Asks Maharashtra Government To List Steps It Has Taken To Prevent Child Marriages in the State.

The total project cost of Rs 688 crore is to be financed through a debt equity ratio of 80:20, it added.

Financial closure is a stage of project development when all the conditions of a financing agreement are fulfilled prior to initial availability of funds by the financiers.

Also Read | Maharashtra: Court Extends NCP Leader Nawab Malik’s Judicial Custody Till April 22.

The project has already commenced construction activities since May 2021 and will generate 304 million units on completion at a tariff of Rs 4.46/kwh (kilowatt hour).

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)