SJVN Accomplished Financial Closure of Luhri-1 Hydro Project & Parasan Solar Project
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Shimla, Mar 3
Sh. Nand Lal Sharma, Chairman & Managing Director, SJVN today informed that the Financial Closure for 210 MW Luhri-1 Hydro Electric Project, Himachal Pradesh & 75 MW Parasan Solar Power Project, 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, State Bank of India will provide Rs. 1537 crores at an effective interest rate of 6.90% per annum which is the debt portion of total Project cost of Rs. 1922.12 crores.
Sh. Nand Lal Sharma said that another milestone has been achieved by SJVN with the Financial Closure of 75 MW Parasan Solar Power Project having the Project cost of Rs 398.80 crores. The debt fund amounting to Rs 319.04 crores for execution of Project is in place in the form of Foreign Currency Term Loan sanctioned by Punjab National Bank, Dubai. The Bank will charge interest ranging from 1.78% to 5% 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 Sh Nand Lal Sharma.
Sh. Nand Lal Sharma apprised that the Foundation Stones of 210 MW Luhri Stage-1 Hydro Electric Project located in Shimla &Kullu districts of Himachal Pradesh was laid by Hon’ble Prime Minister of India Sh. Narendra Modi on 27thDecember, 2021.The construction activities of the Project are in full swing and moving fast forward to generate 758.20 Million Units in a 90% dependable year April 2026 onwards. The levelized tariff for the generated electricity will be Rs. 4.24 per unit.
Sh. Sharma further stated that the construction activities have commenced at 75 MW Parasan Solar Power Project. On commissioning, the Project will generate 168.343 Million Units annually at a tariff of 2.68 per unit. The Project is scheduled to be commissioned in 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.”
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 Management has revised and upgraded its Shared Vision Targets to 5000 MW by 2023, 25000 MW by 2030 & 50000 MW by 2040.
