SJVN Secures 915 Cr. Loan from Japan for Omakareshwar, Raghanesda Solar Projects
Satluj Jal Vidyut Nigam (SJVN) Limited has secured Rs. 915 crore loan which will be financed by Japan Bank for International Cooperation (JBIC) and two private Japanese banks. This debt funding is for Omkareshwar and Raghanesda solar projects. While 60% of the total loan will be financed by JBIC, the rest will be financed by Japan’s MUFG Bank and San-in Godo Bank.
For this loan, SJVN and JBIC have signed a facility agreement virtually under GREEN (Global action for Reconciling Economic Growth and Environmental Preservation) programme of JBIC. Objective of this finance is to fund 90 MW floating solar project at Omkareshwar dam in Madhya Pradesh and 100 MW solar project at Raghanesda Solar Park in Gujarat. Total estimated cost of these projects is Rs. 1,288.35 crore.
These projects will be completed in 2023 and will generate 450 Million Units (MU) of electricity in their first year of commissioning.