Satluj Jal Vidyut Nigam Limited announced on Tuesday successfully achieved financial closure for India's largest 1000 MW Solar Power Project at Bikaner in Rajasthan. The Project is being implemented by SJVN Green Energy Limited (SGEL) a wholly owned subsidiary of SJVN Limited.
Nand Lal Sharma, Chairman and Managing Director of SJVN Limited said that the Project is being financed at a debt equity ratio of 80:20.
The government will be funding the viability gap of Rs. 447.20 crore. The entire debt of Rs. 4444.71 Cr. has been tied up with IREDA.
Sharma further said that Engineering, Procurement & Construction (EPC) Contract of this project has been awarded to Tata Power Solar Systems Ltd.
He further informed that the total cost of the project Rs. 5723.59 crore.
Project is scheduled to be commissioned in January, 2024. Once commissioned, it will generate 2455 million units in its First year of operation and 56838 million units during entire life of the project.
SJVN has secured this 1000 MW largest Solar Power Project through competitive bidding from IREDA under the CPSU Scheme having tariff of Rs. 2.57 per unit.
The Loan Agreement signing ceremony was graced by Nand Lal Sharma, CMD, SJVN, Pradip Kumar Das CMD, IREDA, A.K. Singh, Director (Finance), SJVN, Chintan Shah, Director (Technical), IREDA and other senior officers of SJVN & IREDA. The Loan agreement was signed by S.L. Sharma, CEO, SGEL & Sh. Pradipta Kumar Roy, DGM, IREDA.
SJVN, a leading power CPSE with total portfolio of around 45000 MW is developing 72 hydro, solar, wind and thermal projects in 15 states of India and abroad. The company is aspiring for remarkable growth and has set Shared Vision of being 5000 MW by 2023, 25000 MW by 2030 and 50000 MW Company by 2040.