SJVN Secures Rs 915 Crore Japan Green Finance For Solar Power Projects

Shimla: Public sector power company SJVN has secured Rs 915 Crores (15 Billion Japanese Yen) green finance from Japan Bank for International Cooperation (JBIC) to fund its 90 MW Omkareshwar Floating Solar & 100 MW Raghanesda Solar Projects.

Chairman-cum-Managing Director (CMD) SJVN Sh. Nand Lal Sharma informed that SJVN and JBIC had virtually inked the ‘Facility Agreement’ under Global action for Reconciling Economic growth and Environmental preservation (GREEN) programme. JBIC is co-financing this loan of Rs 915 crore along with Japanese private financial institutions.

The objective of the debt is to finance the 90-MW Omkareshwar Floating Solar Power Project in Madhya Pradesh and 100-MW Raghanesda Solar Power Project in Gujarat having combined estimated cost of Rs 1,288.35 Crores. While 60 percent of the debt arranged will be financed by JBIC itself, the balance will come from commercial banks of Japan viz MUFG Bank and San-in Godo Bank.

Sh, Akhileshwar Singh, Director (Finance), SJVN & Sh. Nao Kawakami, Director General, New Energy and Power Finance Department II, JBIC, virtually inked the ‘Facility Agreement’. On this occasion Shri Surendra Lal Sharma, CEO, SJVN Green Energy, Sh. Makoto Uchida, Managing Executive Officer of JBIC and other Senior officials from SJVN & JBIC were also present.

Sh. Nand Lal Sharma reiterated SJVN’s commitment to achieve 25 GW of generation capacity by 2030, more than half of which is bound to come from Solar and Wind resources. The two projects presently being financed by JBIC are scheduled to commission during current calendar year and will produce about 450 MU of electricity annually. He further emphasised upon more GREEN Financing of SJVN projects by JBIC fin near future.

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