Asian Development Bank (ADB) and ENGIE group have signed a long term loan of upto Rs 466 Cr to construct and operate a 200 MW solar power project which is to be set up at Raghanesda Solar Park of Gujarat.
ENGIE group has formed a special purpose vehicle named Electro Solaire Private Ltd. (ESPL) for implementation of the project. The project is expected to be completed by the first half of 2021 and is backed by a power purchase agreement (PPA) for 25 years with Gujarat government.
On commissioning, the plant is expected to generate about 440 GWh of electricity annually.
For ADB the agreement was signed by Mr. Mayank Choudhary, Principal Investment Specialist at ADB’s Private Sector Operations Department. He said “The project is part of ADB’s ongoing support to India’s renewable energy sector and will help the Government of India meet its targets for non-fossil fuel-based electric power generation”.