SJVN Ltd, a state-owned power producer, announced that it has signed an initial agreement with Power Finance Corporation (PFC) to get financing for projects worth Rs 1.18 lakh crore.

"PFC and the company have signed a Memorandum of Understanding (MOU) for financial assistance to various diversified portfolio of projects, including majorly Renewable Energy projects and thermal generation projects to be set up at a total project cost of about Rs 1,18,826 crore," a BSE filing said.

The term loan financial assistance is tentatively proposed at 70 per cent of the project cost, which may be increased for renewable energy projects as per project requirements, it stated.

In a separate statement, PFC said, "PFC and SJVN Ltd have signed an MoU for providing financial support to various projects, including massive Renewable Energy ventures (Solar, Hydro, and Pumped Storage) totalling 12,178 MW capacity, along with a 660 MW thermal generation project for an estimated project cost of approximately Rs 1,18,826 crore".