SJVNs subsidiary achieves financial closure of 1,000 MW Solar Power Project

16 Dec 2022 , 12:24 PM

SJVN Limited informed that its wholly-owned subsidiary SJVN Green Energy Limited completed a major milestone with the Financial Closure of its 1,000 MW Solar Power Project in Bikaner, Rajasthan.

Tata Power Solar Systems Limited has been awarded the EPC contract for this project. The project’s total cost is Rs 5,723.59 crore. The project is being financed at an 80:20 debt-to-equity ratio.

The Government of India will fund the Rs 447.20 crore viability gap. The total debt of Rs 4,444.71 crore has been assigned to IREDA, including a bridge loan of Rs 223.60 crore for viability gap funding.

The project is set to be completed on January 3, 2024. It will generate 2,455 million units in its first year of operation and 56,838 million units over the course of the project’s life.

The company won this 1,000 MW Solar Power Project through competitive bidding from IREDA under the CPSU Scheme, with a tariff of Rs 2.57 per unit.

At around 12.14 PM, SJVN was trading at Rs37.40 down by 0.53% from its previous closing of Rs37.60 on the BSE. The scrip touched an intraday high and low of Rs38.35 and Rs37.15 respectively.

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