Indian Renewable Energy Development Agency (IREDA) said that it has inked a loan pact with SJVN Green Energy for financing Rs 4,444.71 crore for latter’s 1,000MW solar power project at Bikaner in Rajasthan.
“Indian Renewable Energy Development Agency Ltd signed a historic loan agreement for Rs 4,444.71 crore with SJVN Green Energy (SGEL), a subsidiary of SJVN Ltd, for a 1,000 MW solar power project at Bikaner, Rajasthan,” an IREDA statement said.
Pradipta Kumar Roy, DGM (IREDA), and S L Sharma, CEO (SGEL), signed the loan agreement in the presence of Pradip Kumar Das, CMD, IREDA, and Nand Lal Sharma, CMD, SJVN, at the corporate office of IREDA.
Das said, “We are pleased to sanction IREDA’s highest loan amount to SGEL for development of 1,000 MW solar projects. We will be able to support government of India to achieve its targets of 50 % share of energy from non-fossil fuels by 2030 through this kind of cooperation. Also, this partnership will en- courage green investment and generate both direct and indirect employment opportunities.”
The IREDA funded project will connect to 400/220 KV substation Bikaner-II (near Bikaner). SJVN has bagged the project through the tender floated by IREDA under the CPSU Phase-II (Tranche III) Scheme for development of grid-connected solar PV power project through competitive bidding process based on VGF (viability gap funding) support.