PFC completes resolution of stressed Rangit IV HEP

Power Finance Corporation (PFC) as lead financial institution and PNB as co-lender of the consortium has successful completed the resolution of Jal Power Corporation Limited’s (JPCL) 4×30 MW Rangit-IV Hydroelectric Project in Sikkim.

The stressed project has been handed over to NHPC Limited on March 31, 2021 after the payment of resolution amount to the tune of Rs 1.65 billion to the lenders. The Corporate Insolvency Resolution Process for JPCL was initiated in April 2019.Meanwhile, in December 2020, National Company Law Tribunal had approved NHPC’s resolution plan for the project. The balance work at the project is scheduled to be completed in 38 months.

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