The Maharashtra cabinet has cleared two solar power projects that will be set up by Maharashtra State Power Generation Corporation Limited (Mahagenco).
The cabinet also approved raising of funds for the projects — one of 187 MW and another of 390 MW. The project financing agreement for the 187 MW solar project was approved and a loan of up to Rs 5.88 billion will be secured from KfW, Germany. The project will be set up on an engineering procurement and construction basis. The cabinet also sanctioned raising of Rs 1.58 billion for the project through internal sources and loans from financial institutions. Similarly, for the 390MW solar power project, a loan of Rs 15.64 billion at an interest of 0.05 per cent per annum was approved to be taken from KfW.