SJVN Limited has secured Rs 9.15 billion green finance from Japan Bank for International Cooperation (JBIC) to fund its 90 MW Omkareshwar floating solar power project in Madhya Pradesh and 100 MW Raghanesda solar power project in Gujarat.
The loan is co-financed with Japanese private financial institutions. SJVN and JBIC virtually inked the facility agreement under Global action for Reconciling Economic growth and Environmental preservation (GREEN) programme of JBIC. The two projects, having combined estimated cost of Rs 12.88 billion, are scheduled to commission in 2023 and will produce about 450 MU of electricity in their first year of operation. While 60 per cent of the debt arranged will be financed by JBIC, balance will come from commercial banks of Japan – MUFG Bank and San-in Godo Bank.