REC will provide a term loan of Rs 1,869 crore for 624 MW Kiru Hydro Electric Project located in Kishtwar, Jammu & Kashmir. It will be utilised for development, construction and operation of the project on Chenab river. The non-banking finance company has signed an agreement with Chenab Valley Power Project (CVPPPL), for the financial assistance as loan.

The project envisages construction of a 135-mtrs. high dam and an underground power house with four units of 156 MW each. CVPPPL is a joint venture between NHPC (51 percent) and JKSPDC (49 percent). The company was incorporated in 2011.

REC, under Ministry of Power finances the power-infrastructure sector comprising generation, transmission, distribution, renewable energy and new technologies like electric vehicles. The loan book of REC stands at Rs 4.97 lakh crore as on December 31, 2023.