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IREDA inks Rs 4,445 cr loan agreement with SJVN Green Energy for 1,000 MW Solar power project IREDA
Image Credit: PIB

IREDA inks Rs 4,445 cr loan agreement with SJVN Green Energy for 1,000 MW Solar power project

India Blooms News Service | @indiablooms | 16 Dec 2022, 07:59 pm

New Delhi/IBNS: Indian Renewable Energy Development Agency Ltd. (IREDA) signed a historic loan agreement for Rs 4,444.71 crore with SJVN Green Energy Ltd. (SGEL, a subsidiary of SJVN Ltd.) Thursday, for a 1,000 MW Solar power project at Bikaner, Rajasthan.

The IREDA-funded project will connect to the 400/220 KV substation Bikaner-II (near Bikaner).

SJVN has bagged the project through the tender floated by IREDA under the CPSU Phase-II (Tranche III) Scheme for the development of Grid connected Solar PV Power Project through a competitive Bidding Process based on VGF support.

Speaking on the occasion, CMD, IREDA said: "We are pleased to sanction IREDA’s highest loan amount to SGEL for the development of a 1,000 MW Solar project. We will be able to support the Government of India to achieve its target of a 50 percent share of energy from non-fossil fuels by 2030 through this kind of cooperation.

"Also, this partnership will encourage green investment and generate both direct and indirect employment opportunities.”

In the presence of CMD, IREDA Pradip Kumar Das and CMD, SJVN Nand Lal Sharma, DGM (IREDA) Pradipta Kumar Roy and CEO (SGEL) S. L. Sharma signed the loan agreement at the corporate office of IREDA.