In a trial transaction funding undertaken by a public sector banks and PSU entity, the state-owned joint venture between the Government of India and the state of Himachal Pradesh SJVN secured Rs.100 billion (~$1.2 billion) financing for construction of its forthcoming renewable energy projects.
As per the construction requirements of its renewable projects, this credit facility would allow SJVN to draw down funds on an enduring basis and anticipated to enable the fast tracking of its current under-construction renewable projects. Also this facility is looking forward for contributing to India’s goal of achieving 500GW of renewable energy by the year 2030.
The total financing was hoisted by prominent banking institutions including Deutsche Bank, State Bank of India, Punjab National Bank, Bank of India and, Mitsubishi and United Financial of Japan Financial Group (MUFG) Bank.
On Speaking to this, Nand Lal Sharma, Chairperson and Managing Director of SJVN says, “We are exhilarated to have secured this facility from five leading banks, which underscores the financial community’s recognition of our commitment to a greener and more sustainable future”.
He also added, “The construction financing facility will be deployed strategically to develop solar and wind energy projects across India. These projects will create employment opportunities, boost the local economy, and contribute significantly to harnessing renewable energy”.
SJVN’s renewable energy range stands at 5,090.5 MW, out of which 179.5 MW is under process, 1,860 MW is under construction and 3,051 MW is under diverse phases of execution. SJVN Green Energy also received the call to build a combined venture with Maharashtra State Power Generation Company to build up to 5,000 MW renewable energy projects.
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