SHIMLA: Nand Lal Sharma, Chairman & Managing Director, SJVN on Thursday informed that the financial closure for 210 MW Luhri-1 Hydel Project in Himachal Pradesh & 75 MW Parasan Solar Power Project in Uttar Pradesh has been successfully achieved. The Financial Closure of 210 MW Luhri-1 HEP has been stamped with State Bank of India. As per the Loan Agreement, SBI will provide Rs 1,537 crore at an effective interest rate of 6.90 per cent per annum which is the debt portion of total Project cost of Rs 1,922.12 crore.
Sharma said that another milestone has been achieved by SJVN today with the financial closure of 75 MW Parasan Solar Power Project having the Project cost of Rs 398.80 crore. The debt fund amounting to Rs 319.04 crore for execution of the Project is in place in the form of Foreign Currency Term Loan sanctioned by PNB, Dubai. The Bank will charge interest ranging from 1.78 per cent to 5 per cent after taking into account the Foreign Currency Fluctuation.
"Financial closure is a stage of project development when all the conditions of a financing agreement are fulfilled prior to initial availability of funds by the financers," said Sharma.
He apprised that the Foundation Stone of 210 MW Luhri Stage-1 Hydro Electric Project located in Shimla & Kullu districts of Himachal Pradesh was laid by Prime Minister of India Narendra Modi on December 27, 2021.The construction activities of the Project are in full swing and moving fast forward to generate 758.20 Million Units (MU) in a 90 per cent dependable year by April 2026. The levelised tariff for the generated electricity will be Rs. 4.24 per unit.
Sharma further stated that the construction activities have commenced at 75 MW Parasan Solar Power Project. On commissioning, the Project will generate 168.343 MU annually at a tariff of 2.68 per unit. The Project is scheduled to be commissioned in the Financial Year 2022-23.
The commissioning of the Project will be our contribution towards achieving the national target of 175 GW renewable energy by the end of current year, he added
SJVN has embarked on a fast-paced journey of harnessing Renewable Energy to meet the commitment of Government of India of achieving 500 GW of installed capacity from non-fossil fuel sources
by 2030.
Having secured many new projects in the last two years, and still more projects in the pipeline, SJVN has revised and upgraded its Shared Vision Targets to 5000 MW by 2023, 25000 MW by 2030 & 50000 MW
by 2040.