Saturday, May 21, 2022

SJVN achieves financial closure for 70 MW Bagodara solar power project

SJVN Limited has achieved the financial closure for 70 MW Bagodara solar power project in Gujarat, the company told the stock exchanges

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New Delhi: Green energy Miniratna PSU SJVN Limited has achieved the financial closure for 70 MW Bagodara solar power project in Gujarat. SJVN informed that the company has achieved financial closure for the said project by allocating the necessary debt of Rs 267.30 crore out of the total project cost of Rs 334.12 crore required for the project from its foreign currency term loan already in place. The announcement has been made by SJVN in a regulatory filing to the stock exchanges on Friday.

The project has already commenced its construction activities, the contract agreement got signed in September 2021 and is moving fast forward to generate 178.20 million units (MU) in its 1st year of operation. The project is scheduled to generate electricity from October 2022.

According to the company, this will be a major feat for SJVN Limited in the renewable energy (RE) sector, which will also contribute towards the national target of putting in place 175 GW of renewable energy projects by the end of the current year. The project has been bagged by SJVN from Gujarat Urja Vikas Nigam Limited (GUVNL) at a tariff of 2.21/Kwh at a 28.8 percent capacity utilisation factor (CUF).

SJVN is working towards expanding its renewable energy portfolio. This project will assist SJVN in achieving its ambitious shared vision of 5,000 MW by 2023, 25000 MW by 2030 and 50000 MW by 2040 and will contribute towards the renewable energy capacity addition target of 500 GW by 2030 set by the government.

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