SJVN Ltd has firmed up a Japanese loan worth Rs.915 crore to finance its upcoming solar power projects.
In a release, SJVN said that it has secured Rs.915 crore (JPY 15 billion) in green finance from Japan Bank for International Cooperation (JBIC) to fund its 90-MW Omkareshwar floating solar project in Madhya Pradesh and the 100-mw Raghanesda solar project in Gujarat. The combined cost of the two solar projects is Rs.1,288.35 crore.
SJVN and JBIC virtually inked the ‘Facility Agreement’ under the Global action for Reconciling Economic growth and Environmental preservation (GREEN) programme. While 60 per cent of the debt arranged will be financed by JBIC itself, the balance will come from commercial banks of Japan viz MUFG Bank and San-in Godo Bank.
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The two projects presently being financed by JBIC are scheduled to commission during the current calendar year and will produce about 450 million kWh of electricity annually.
SJVN has a total project portfolio of 46,879 MW, inclusive of projects commissioned and in various stages of implementation. The Central power PSU has planned to have a portfolio of 5 GW by the end of FY24, moving to 25 GW by 2030 and 50 GW by 2040.
