The Power Finance Corporation (PFC) has sanctioned a loan of Rs 91.28 billion to provide financial assistance to power utilities in Tamil Nadu. The company has approved a term loan of Rs 54.74 billion for Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) and Rs 36.54 billion for Tamil Nadu Transmission Corporation Limited (TANTRANSCO). Funds allotted to TANGEDCO will cover the renovation, modernisation and uprating of the Sholayar I hydroelectric power house from 2×35 MW to 2×42 MW and the setting up of the Uppur supercritical thermal power station in Ramanathapuram. TANTRANSCO will utilise the loan amount to strengthen and establish a 765/400kV transmission network of the north Chennai pooling station at Ennore, Tiruvallur district. PFC has also given in-principle approval for Rs 31.25 billion to these companies for the conversion of existing overhead cables in the state to underground cables.