The Indian Renewable Energy Development Agency (IREDA) has granted a INR44.45bn (US$537m) loan to SJVN Green Energy, a subsidiary of the Indian energy company SJVN, to develop a 1 GW solar project near the city of Bikaner in the Indian state of Rajasthan. The awarded loan has allowed SJVN to announce financial closure on the INR57.23bn (US$692m) project, which is being financed at a debt-equity ratio of 80:20. India’s central government will fund the viability gap of INR44.7m (US$540,000).
The project, which will be connected to the grid via the 400/200 kV Bikaner-II substation, is scheduled to be commissioned in January 2024 and should generate 2.45 TWh of electricity during its first year of operation (and about 57 TWh during its entire lifetime). The engineering, procurement and construction (EPC) contract for the project has been awarded to Tata Power Solar Systems.
At the end of 2021, solar accounted for 11.5% of India’s installed capacity with over 49 GW. The country aims initiate the development of 175 GW of renewable capacity by the end of 2022, including 100 GW of solar.
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