Maharashtra Cabinet Approves 577 MW Solar Projects in Mumbai

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The Maharashtra Cabinet approved establishment of solar power projects by the state-run Maharashtra State Power Generation Company (MahaGenco) at various places. The government has cleared two proposals comprising solar power projects of total capacity of 187 MW and another of 390 MW. The projects are expected to be completed by 2023. The cabinet also approved MahaGenco to borrow loan up to Rs 588.21 crore from KFW Bank Germany.

These projects will be set up on an Engineering Procurement and Construction basis. Of the 187 MW, Rs 158.29 crore will come from MahaGenco’s internal resources or debt. MahaGenco will repay the loan borrowed from the KFW Bank Germany.

The state cabinet has approved a loan of Rs 1,564.22 crore at 0.05% rate of interest per annum KFW Bank Germany with repayment in maximum 12 years. MahaGenco is also expected to explore new project financing under innovative project conditions.

The state cabinet also approved MahaGenco to raise share capital of Rs 364.18 crore from its internal resources or trough debt. MahaGenco will have to repay the loan taken from KFG Bank Germany.

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