Indian Renewable Energy Development Agency Ltd. (IREDA) signed a historic loan agreement for Rs. 4,444.71 crores with SJVN Green Energy Ltd. (SGEL, a subsidiary of SJVN Ltd.) today, for a 1,000 MW Solar power project at Bikaner, Rajasthan.

The IREDA-funded project will connect to the 400/220 KV substation Bikaner-II (near Bikaner). SJVN has bagged the project through the tender floated by the Indian Renewable Energy Development Agency Ltd under the CPSU Phase-II (Tranche III) Scheme for the development of Grid connected Solar PV Power Project through a competitive Bidding Process based on VGF support.

Speaking on the occasion, CMD, Indian Renewable Energy Development Agency Ltd said: “We are pleased to sanction IREDA’s highest loan amount to SGEL for the development of a 1,000 MW Solar project. We will be able to support Govt. of India to achieve its target of a 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.”

In the presence of Shri Pradip Kumar Das, CMD, IREDA and Shri Nand Lal Sharma, CMD, SJVN, Shri Pradipta Kumar Roy, DGM (IREDA) and Shri S. L. Sharma, CEO (SGEL) signed the loan agreement at the corporate office of IREDA. Shri Chintan Shah, Director (Technical), IREDA, Shri A. K. Singh, Director (Finance), SJVN, Dr R. C. Sharma, CFO, Smt. Debjani Bhatia, GM (TS), Indian Renewable Energy Development Agency Ltd and other senior officials also graced the occasion.

Disclaimer: This is an official press release by PIB.