PFC signs MoU with Govt. of Gujarat for Power Projects worth Rs. 25,000 Crore

In a landmark development for the power sector, Power Finance Corporation Ltd. (PFC), a prestigious Maharatna Central Public Sector Enterprise (CPSE) and a leading Non-Banking Financial Company (NBFC) in the power domain, sealed a momentous Memorandum of Understanding (MoU) with the Government of Gujarat (GoG) on January 3, 2024. The signing ceremony, held in the vibrant city of Gandhinagar, brought together key stakeholders to embark on a journey of transformative changes in the state’s power landscape.

Strategic Partnership for Powering Progress

The chief objective of this strategic MoU is to furnish comprehensive financial support for Gujarat’s ambitious power projects, spanning generation, transmission, and distribution. The ceremony witnessed the signing of the MoU by Smt. Parminder Chopra, the Chairperson and Managing Director of PFC, and Shri Jai Prakash Shivhare, the Managing Director of Gujarat Urja Vikas Nigam Limited (GUVNL). The dignitaries present included Shri Bhupendra Patel, the Chief Minister of Gujarat, Shri Rushikesh Patel, Minister of Health & Family Welfare, Higher & Technical Education, Law & Justice, and other eminent officials from both PFC and the Government of Gujarat.

Financial Backing for Vital Projects

The MoU is a pivotal step towards fortifying various projects undertaken by key entities such as 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). This collaboration is poised to address long-term debt and critical funding needs essential for the seamless execution of diverse projects aimed at enhancing the power infrastructure in the state.

A Whopping Commitment of Rs. 25,000 Crore

Under the terms of the MoU, an impressive financial commitment of Rs. 25,000 Crore has been earmarked to fuel various projects across Gujarat. This substantial investment underscores PFC’s unwavering dedication to reinforcing the power infrastructure in the region and supporting the state’s ambitious initiatives in the power sector. Beyond the expansion of power infrastructure, the MoU is anticipated to generate approximately 10,000 employment opportunities in the state, contributing significantly to Gujarat’s socio-economic development.

A New Era of Energy Sustainability

This strategic alliance between PFC and the Government of Gujarat is poised to usher in a new era of energy sustainability and efficiency in the state. It is set to be a catalyst for transformative changes, aligning with Gujarat’s vision for a robust and reliable power infrastructure. The collaborative efforts aim to create a legacy of progress, setting the stage for a future where power is not just accessible but also reliable and sustainable for the people of Gujarat.

Milestone Achievement in Gujarat’s Power Landscape

The signing of this MoU represents a significant milestone in the journey towards augmenting Gujarat’s power landscape. It signifies a shared commitment between PFC and the Government of Gujarat towards building a future where power is not just a commodity but a driving force for progress. This historic agreement is a testament to the collective vision of both entities, working hand in hand to create a legacy of reliable, sustainable, and accessible power for the people of Gujarat.

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