The Odisha Power Transmission Corporation Limited (OPTCL), the State-run PSU, and National Bank for Agriculture and Rural Development (NABARD) on Wednesday signed a Long-Term Loan Agreement to accelerate the execution of critical transmission infrastructure and support the state’s growing industrial and economic landscape.
The partnership of this nature will go a long way in the development of power infrastructure in Odisha. This strategic financial partnership aims to ensure quality and reliable power supply for upcoming industries as well as consumers across the state, said officials.
Under this agreement, NABARD has extended a loan of Rs 1,685.27 crore to OPTCL at an attractive interest rate of 7.75% per annum.
Of the total loan amount, Rs 900 crore will be utilized for new transmission projects, while the remaining amount will be used for swapping existing high-cost loans. This initiative marks the first-ever project financing by NABARD to any State Public Sector Undertaking (PSU) in Odisha, making it a major development in the state’s power sector.
The ceremony held on the occasion was graced among others by Deputy Chief Minister Kanak Vardhan Singh Deo and Bhaskar Jyoti Sarma, Chairman-cum-Managing Director, OPTCL.
The agreement was formally exchanged between SS. K. Sahoo, Director (Finance), OPTCL and V. K. Nag, General Manager, Odisha Regional Office, NABARD. Other functional Directors of OPTCL, senior officials of OPTCL and NABARD were also present on the occasion.