Odisha gets major power boost as NABARD lends Rs 1,685 cr to OPTCL

Odisha Power Transmission Corporation Ltd (OPTCL) and NABARD on Wednesday signed a Memorandum of Understanding to strengthen power infrastructure across the state, marking NABARD’s first-ever project financing to any state PSU in Odisha, officials said.

Under the agreement, NABARD will provide 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 also heads the state’s energy department, was present at the MoU signing.

He said Rs 900 crore of the funding will be used for new transmission projects, while the remaining amount will go towards swapping high-cost loans.

The Deputy Chief Minister said the collaboration will help accelerate the development of critical transmission infrastructure, ensure reliable and quality power supply for industries and consumers, and support Odisha’s economic growth.