SJVN Ltd, a state-owned company, has secured Rs 915 crore in ‘GREEN’ financing from Japan Bank for International Cooperation (JBIC) to support its 90 MW Omkareshwar floating solar project in Madhya Pradesh and 100 MW Raghanesda solar project in Gujarat. The ‘Facility Agreement’ was signed virtually between SJVN and JBIC under the Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) program of JBIC. The purpose of this debt is to fund the 90 MW Omkareshwar Floating Solar Power Project in Madhya Pradesh and 100 MW Raghanesda Solar Power Project in Gujarat, which have a combined estimated cost of Rs 1,288.35 crore.
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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. While 60% of the debt will be financed by JBIC, the remaining balance will be provided by commercial banks in Japan, namely MUFG Bank and San-in Godo Bank.
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