REC Limited and Power Finance Corporation Limited (PFC) have signed an MoU with Kholongchhu Hydro Energy Limited (KHEL) for financing of a 600 MW hydroelectric project (HEP) at Trashiyangtse, Bhutan. The project is proposed to be funded at a debt-equity ratio of 70:30. As per the MoU, REC will extend a rupee term loan of Rs 20.29 billion. The balance shall be extended by PFC (Rs 20.29 billion), the National Pension and Provident Fund, Bhutan (Rs 2 billion), and the Bank of Bhutan (Rs 2 billion). KHEL is a 50:50 joint venture between SJVN India and Druk Green Power Corporation (Bhutan), set up for developing the 600 MW Kholongchhu HEP in eastern Bhutan.
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