Bhubaneswar: A Memorandum of Understanding was signed between the Odisha Power Transmission Corporation Ltd and NABARD for the development of power infrastructure in the eastern state, officials said.
Under the agreement, NABARD has extended a loan of Rs 1,685.27 crore to OPTCL.
“Today in Bhubaneswar, I witnessed the signing of a landmark MoU between OPTCL and NABARD – the first-ever project financing by NABARD to any State PSU in Odisha. Through this strategic financial partnership, NABARD has extended a long-term loan… at a reduced interest rate of 7.75 per cent per annum,” Deputy Chief Minister K V Singh Deo said in a post on X.
Singh Deo, who is also in charge of the energy department, was present at the signing of the MoU.
He said that out of the total amount, Rs 900 crore will be invested in new transmission projects, while the rest will be used to swap high-cost loans.
This collaboration will accelerate the development of critical transmission infrastructure, ensuring reliable and quality power supply for industries and consumers alike, and strengthening Odisha’s economic growth story, the Deputy CM said.
