State-owned SJVN Ltd has secured Rs 915 crore ‘GREEN’ finance from Japan Bank for International Cooperation to fund its 90 MW Omkareshwar floating solar project in Madhya Pradesh and 100 MW Raghanesda solar project in Gujarat.
“SJVN secured GREEN financing from Japan Bank for International Cooperation (JBIC) amounting to JPY 15 billion. (approx. INR 915 cr). The loan is co-financed with Japanese private financial institutions,” a BSE filing stated.
The SJVN and JBIC virtually inked the ‘Facility Agreement’ under Global action for Reconciling Economic growth and Environmental preservation (GREEN) programme of JBIC.
The objective of the debt is to finance the 90-MW Omkareshwar Floating Solar Power Project in Madhya Pradesh and 100-MW Raghanesda Solar Power Project in Gujarat having combined estimated cost of Rs 1,288.35 crore.
SJVN is committed to achieve 25 GW of generation capacity by 2030, more than half of which is bound to come from solar and wind resources, and emphasised for more association with JBIC for GREEN financing in near future.
The two projects presently being financed by JBIC are scheduled to commission in the year 2023 itself and will produce about 450 MU of electricity in their first year of operation.
While 60 per cent of the debt arranged will be financed by JBIC itself, balance will come from commercial banks of Japan viz. MUFG Bank and San-in Godo Bank.
First Published: Mar 27 2023 | 7:42 PM IST