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State-run power giant NTPC said its arm NTPC Renewable Energy Ltd (NTPC REL) has signed the first green term loan agreement of Rs 500 crore with Bank of India.
The green term loan agreement is for its two solar projects in Rajasthan and Gujarat.
NTPC REL has signed its first Green Term Loan agreement of Rs 500 crores at a very competitive rate with a tenor of 15 years with Bank of India on September 29, 2021 for its 470 MW solar project in Rajasthan and 200 MW solar project in Gujarat, a company statement said.
NTPC REL, a 100 % subsidiary of NTPC Ltd, currently has a renewable project portfolio of 3,450 MW of which 820 MW projects are under construction and 2,630 MW projects have been won for which PPAs (power purchase agreements) are pending to be executed.
The Facility agreement was signed in the presence of Shri A K Gautam, Director (Finance), NTPC, Shri C K Mondal, Director (Commercial) NTPC & Chairman of NTPC REL, Shri Mohit Bhargava, ED (RE) NTPC & CEO (NTPC REL), Shri Aditya Dar ED (Fin) NTPC & Director NTPC REL and senior officials from Bank of India.
NTPC is taking various steps to make its energy portfolio greener by adding significant capacities of renewable energy sources.
Earlier this month NTPC REL had received a letter of award (LoA) for 325 MW solar projects in the Rewa Ultra Mega Solar Ltd. (RUMSL) at Shajapur Solar Park in Madhya Pradesh from Chief Minister Shivraj Singh Chauhan.