INR 4 Billion Loan Sought For Solar In India

• SECI has launched a tender, inviting banks to express interest in lending to the agency to implement solar power projects
• It seeks INR 4 billion loan for 2 projects, one of which is a 100 MW AC ground mounted solar project in Chhattisgarh with 40 MW/120 MWh energy storage
• The other 100 MW AC facility is a floating solar power plant for Jharkhand's Getulsud Reservoir

The Solar Energy Corporation of India (SECI) has invited expression of interest (EOI) from banks to extend a term loan of approximately INR 4 billion ($53 million) for up to 15 years, to support the implementation of 200 MW of ground mounted and floating solar power capacity with storage.

Of the 2 projects for which SECI requires this loan, one is a 160 MW DC/100 MW AC ground mounted solar PV project in Rajnandgaon, Chhattisgarh with 40 MW/120 MWh battery energy storage system (BESS). The other project is a 100 MW AC floating solar plant in Getalsud Reservoir in Ranchi, Jharkhand.

Both these projects are already supported by a special $200 million World Bank loan under the latter's Innovation in Solar Power and Hybrid Technologies (ISPHT) project. While the Rajnandgaon solar project is to supply power to Chhattisgarh State Power Distribution Company Limited (CSPDCL) for INR 4.00 per kWh on completion, the floating PV facility is to provide clean electricity to Jharkhand Bijli Vitaran Nigam Limited (JBVNL) for INR 3.50 per kWh.

SECI wants to have the banks submitting their EOI in response, indicating their terms of lending before November 20, 2021. It will seek separate terms of lending and interest rate while firming up the borrowing.