Resolution of stressed Rangit IV hydel power proj complete, says PFC

Power Finance Corporation (PFC) on Wednesday said a consortium of lenders led by it has completed the resolution of the stressed 120 MW Rangit IV hydropower project.

“Power Finance Corporation (PFC) as lead FI (Financial Institution) and PNB as co-lender of the consortium, completes successful resolution of a stressed asset – 4×30 MW Rangit-IV HEP (Hydroelectric Project) of Jal Power Corporation Ltd (JPCL) and handed over the project to NHPC Ltd on March 31, 2021,” it said in a statement.

The project is in Sikkim. With this successful transfer of the stressed asset to the NHPC, a new lease of life is expected to be ushered in the project, it added.