PFC signs MoU with Gujarat govt for power projects worth Rs 25,000 crore

'The collaboration will not only focus on the expansion of power infrastructure, but also help create employment generation of up to 10,000 in Gujarat,' said the Ministry of Power

Power Finance Corporation (PFC) on Wednesday signed a Memorandum of Understanding (MoU) with the Gujarat government to provide comprehensive financial backing for the state's generation, transmission, and distribution projects worth Rs 25,000 crore.

"The collaboration is set to facilitate long-term debt and other critical funding necessities vital for executing these diverse projects," the Ministry of Power said in a release.

The agreement will not only focus on the expansion of power infrastructure but also help create employment generation of up to 10,000 in the state.

The MoU between the Non-Banking Financial Company (NBFC) and the state government will further bolster various projects undertaken by Gujarat Urja Vikas Nigam Limited (GUVNL), Gujarat State Electricity Corporation Limited (GSECL), Gujarat Energy Transmission Corporation Ltd (GETCO), Dakshin Gujarat Vij Company Ltd (DGVCL), Madhya Gujarat Vij Company Ltd (MGVCL), Paschim Gujarat Vij Company Ltd (PGVCL), and Uttar Gujarat Vij Company Ltd (UGVCL).

"The collaboration is set to facilitate long-term debt and other critical funding necessities vital for executing these diverse projects," the ministry said.

The government believes that the signing of this MoU marks a significant milestone in the journey towards augmenting Gujarat's power landscape, reflecting a shared commitment towards a future of reliable, sustainable, and accessible power for the people of the state.