Bhubaneswar: In a major boost to Odisha’s power sector, the Odisha Power Transmission Corporation Limited (OPTCL) on Wednesday signed a long-term loan agreement worth Rs 1,685.27 crore with the National Bank for Agriculture and Rural Development (NABARD).
This first-ever project financing by NABARD to any state PSU in Odisha, aims to ensure quality and reliable power supply for upcoming industries as well as consumers across the state, an official release said.
The loan agreement was exchanged between Director (Finance), OPTCL,
S K Sahoo and General Manager, NABARD Odisha Regional Office, V K Nag in the presence of Deputy Chief Minister K V Singh Deo, who also hold the Energy portfolio, and OPTCL Chairman-cum-Managing Director Bhaskar Jyoti Sarma. They hailed the partnership as a significant step toward strengthening the state’s transmission backbone to support rapid industrial growth.
Under this agreement, NABARD has extended a loan of Rs 1,685.27 crore to OPTCL at an interest rate of 7.75% per annum. While Rs 900 crore of the total sanctioned amount will finance new transmission infrastructure, the remaining amount will be used by OPTCL for swapping existing high-cost loans.
Senior officials from both organisations, who also attended the ceremony, said the timely financial support will speed up execution of critical transmission projects and help Odisha meet the rising power demand driven by Odisha’s expanding industrial and economic activities.