India's SJVN reaches fin close for 70-MW solar project in Gujarat

Author: Takver. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

May 13 (Renewables Now) - Indian power producer SJVN Ltd (BOM:533206) announced today it has achieved financial close for a 70-MW solar project in the state of Gujarat.

The company said it is allocating INR 2.67 billion (USD 34.6m/EUR 32.8m) of debt from its existing foreign currency term loan. The Bagodara project’s total investment requirement amounts to INR 3.34 billion.

Construction work has already been initiated and is expected to be completed later this year, leading to the start of power generation in October. The project was awarded to the company by Gujarat Urja Vikas Nigam Limited (GUVNL) at a tariff of INR 2.21 per kWh.

SJVN targets having 5 GW of installed capacity by 2023, 25 GW by 2030 and 50 GW by 2040.

(INR 10 = USD 0.130/EUR 0.123)

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