SECI invites EOI from banks to extend Rs 4 bn loan for solar projects
Solar Energy Corporation of India (SECI) has asked for Expressions of Interest from banks to extend a term loan of Rs 4 billion with a tenor of 15 years to build two solar photovoltaic (PV) projects of 100 MW capacity each. One of the projects is 100 MWAC solar with a 40 MW per 120 MWh battery energy storage system (BESS) at Rajnandgaon, Chattisgarh. In July, SECI floated tenders for the engineering, procurement, and construction (EPC) of this 100 MW solar plant with land in Chhattisgarh. The second project executed by SECI is a 100 MW floating solar PV plant in Getalsud Reservoir in Ranchi in Jharkhand. The proposal for this project is likely to be declared soon. The deadline to present the tenders is 20th November 2021. The projects are financed by a $200 million loan from the World Bank as part of its ‘Innovation in Solar Power and Hybrid Technologies’ program. The net project value of the Rajnandgaon project is likely to be Rs 9.22 billion, which is planned to be financed with 80% debt and 20% equity. The World Bank will fund the project to the extent of 50%, amounting to Rs 4.355 billion. The anticipated domestic, commercial borrowings will be approximately Rs 2.607 billion. The tariff limit for the Rajnandgaon project is Rs 4 per kWh. The electricity produced from the project would be obtained by the Chhattisgarh State Power Distribution Company, for which a power purchase agreement (PPA) has been inked and land handed over. The net project value of the floating solar power plant in Jharkhand is evaluated at Rs 5.83 billion, which is planned to be backed with 80% debt and 20% equity. The World Bank will render a loan of Rs 2.44 billion, while the expected domestic commercial borrowings will be to the amount of Rs 1.464 billion. The tariff for the floating solar plant will be capped at Rs 3.50 per kWh. The power produced will be acquired by the Jharkhand Bijli Vitran Nigam Limited. Image Source
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