Government-owned SJVN has secured a green financing loan of 9. 15 billion 111. 2 million from the Japan Bank for International Cooperation JBIC to construct two solar power projects in India.
- The first project is the 90 MW Omkareshwar Floating Solar Power Project in Madhya Pradesh.
- The second project is the 100 MW Raghanesda Solar Power Project in Gujarat.
- The combined estimated cost of these projects is 12.
SJVN aims to achieve a generation capacity of 25 GW by 2030, with more than half of the capacity expected to come from solar and wind energy resources. The company has expressed its interest in working with JBIC for GREEN financing in the near future.
The two projects that are currently being financed by JBIC, the Omkareshwar floating solar project in Madhya Pradesh and the Raghanesda solar project in Gujarat, are scheduled to be commissioned in 2023 and are expected to generate around 450 MU of electricity in the first year of operation.
JBIC will provide 60 of the debt financing for these projects, while the remaining balance will be covered by Japanese commercial banks, namely MUFG Bank and San-in Godo Bank.
SJVN and JBIC have recently signed a Facility Agreement under JBICs Global Action for Reconciling Economic Growth and Environmental Preservation GREEN program. SJVN has set a target of generating 25 GW of power by 2030, with over 50 coming from solar and wind sources.
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