IREDA Inks Rs. 4,445 Cr Loan Pact with SJVN Green Energy for 1 GW Solar Power Project

IREDA Crosses Highest Annual Loan & Sanction Loan Disbursement for Renewable Energy Projects

The Indian Renewable Energy Development Agency Ltd. (IREDA) has joined hands with SJVN Green Energy Ltd. (SGEL, a subsidiary of SJVN Ltd.) for a 1,000 MW Solar power project at Bikaner, Rajasthan. The agreement is worth Rs. 4,444.71 crore.  The project funded by IREDA will connect to 400/220 KV substation Bikaner-II (near Bikaner).

The project was won by SJVN through a tender that was floated by IREDA under the CPSU Phase-II (Tranche III) Scheme for development of grid connected solar PV power project through competitive bidding process based on VGF support. The said 5-GW tender was bagged by SJVN for a capacity of 1000 MW, where it quoted a viability gap support requirement of Rs 4.472 million, which was the lowest among all bidders.

Pradip Kumar Das, CMD, IREDA said, “We are pleased to sanction IREDA’s highest loan amount to SGEL for development of 1,000 MW Solar project. We will be able to support Government of India to achieve its targets of 50% share of energy from non-fossil fuels by 2030 through this kind of cooperation. Also, this partnership will encourage green investment and generate both direct and indirect employment opportunities.”

The agreement was signed in the presence of Pradip Kumar Das, CMD, IREDA and Nand Lal Sharma, CMD, SJVN, Pradipta Kumar Roy, DGM (IREDA) and S. L. Sharma, CEO (SGEL) at the corporate office of IREDA. Chintan Shah, Director (Technical), IREDA, A. K. Singh, Director (Finance), SJVN, Dr. R. C. Sharma, CFO, Debjani Bhatia, GM (TS), IREDA along with senior officials marked their presence at the occasion.

This is not the first time that SJVN and IREDA have united for green energy projects. In 2020, IREDA and SJVN signed an MoU, as per which IREDA was to assist SJVN with renewable energy, energy efficiency and conservation projects in the techno-financial aspect.

IREDA has been instrumental in financing projects in renewable energy. In May this year, IREDA sanctioned Rs 14,000 crores worth of projects in Maharashtra. A few months ago, it also inked a pact with the Bank of India for co-lending for RE projects.