State-run power company SJVN has secured green financing worth JPY 15 Bn (approximately INR 915 Cr) from the Japan Bank for International Cooperation (JBIC) to finance its 90 MW Omkareshwar Floating Solar Power Project in Madhya Pradesh and 100 MW Raghanesda Solar Power Project in Gujarat.
The loan is co-financed with Japanese private financial institutions and is part of JBIC’s “Global Action for Reconciling Economic growth and Environmental preservation” (GREEN) programme. The two projects being financed are scheduled to commission in 2023 and are estimated to produce around 450 MU of electricity in their first year of operation.
SJVN’s Chairman and Managing Director, Nand Lal Sharma, stated that the company aims to achieve 25 GW of generation capacity by 2030, with more than half coming from solar and wind resources. The company has expressed interest in future collaborations with JBIC for GREEN financing.
JBIC’s GREEN programme aims to support companies that contribute to sustainable development by providing financial assistance to environmentally friendly projects. The loan will be divided with 60% being financed by JBIC and the rest from Japanese commercial banks, MUFG Bank and San-in Godo Bank.