IREDA inks Rs 4,445 crore loan agreement with SGEL for 1,000 MW Solar power project

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

In the presence of IREDA's Chairman & Managing Director (CMD) Pradip Kumar Das and SJVN Limited's CMD Nand Lal Sharma, Pradipta Kumar Roy, DGM (IREDA) and SL Sharma, CEO (SGEL) signed the loan agreement at the corporate office of IREDA. IREDA's Director (Technical) Chintan Shah, SJVN's Director (Finance) AK Singh, CFO Dr RC Sharma, IREDA's GM (TS) Debjani Bhatia and other senior officials also graced the occasion.

Speaking on the occasion, IREDA CMD said, "We are pleased to sanction IREDA's highest loan amount to SGEL for the development of 1,000 MW Solar project. We will be able to support Govt to achieve its target of 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."

The IREDA-funded project will connect to 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.

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