- SJVN has announced raising JPY 15 billion as green financing led by JBIC
- It will be used for 190 MW floating and ground mounted solar PV projects
- Total cost of bringing the 2 projects online within 2022 is INR 12.88 billion
Indian hydropower utility SJVN Limited has secured green financing of JPY 15 billion ($111.2 million) from the Japan Bank for International Cooperation (JBIC) to bring online 190 MW floating and ground mounted solar PV capacity in the states of Madhya Pradesh and Gujarat.
SJVN plans to bring online this capacity in the form of 90 MW Omkareshwar floating solar project. Mercom India Research had previously reported that the company won a 83 MW floating solar project from Rewa Ultra Mega Solar Limited (RUMSL) for the winning bid of INR 3.70/kWh (see India PV News Snippets).
The remaining 100 MW capacity will be realized as Raghanesda Solar Power project in Gujarat. Both these projects are estimated to incur a cost of INR 12.88 billion ($156.6 million). SJVN said these facilities are scheduled to be commissioned within 2023 and produce around 450 million units (MU) of electricity in the 1st year of its operation.
JBIC is co-financing the loan shelling out 60% of the debt, with private financial institutions in Japan namely MUFG Bank and San-in Godo Bank contributing remakning 40%. Under its Global action for Reconciling Economic growth and Environmental preservation (GREEN) program, JBIC signed the facility agreement with SJVN in a virtual meeting recently.
SJVN aims to achieve 25 GW of power generation capacity in its portfolio by 2030, more than half of which is to come from solar and wind resources. It added that the company will associate with JBIC for more green financing in the future.
Earlier, SJVN raised INR 44.45 billion from the Indian Renewable Energy Development Agency (IREDA) for 1 GW solar power plant in Rajasthan’s Bikaner (see India PV News Snippets).