Solar Energy Corporation of India (SECI) called on banks to express their interest in providing a term loan of 4 billion yen (approximately $ 53.37 million) with a term of 15 years to develop two solar photovoltaic (PV) projects with a capacity of 100 MW each.
One of the projects is 100 MWTHAT solar (160 MWCC) with a 40 MW / 120 MWh Battery Energy Storage System (BESS) in Rajnandgoan, Chattisgarh. In July, SECI issued a tender for the Engineering, Procurement and Construction (EPC) of this 100 MW solar project with land in Chhattisgarh.
The second project implemented by SECI is a 100 MW floating photovoltaic solar project in the Getalsud reservoir in Ranchi in Jharkhand. The call for tenders for this project should be announced shortly.
The deadline for submitting bids is November 20, 2021.
The projects are supported by a loan of $ 200 million (~ 14.97 billion yen) from the World Bank under its “Innovation in Solar Energy and Hybrid Technologies” program.
The net cost of the Rajnandgoan project is expected to be 9.22 billion yen (approximately $ 122.78 million), which is expected to be funded by 80% debt and 20% equity. The World Bank will finance the project up to 50%, amounting to 4.355 billion yen (approximately 57.99 million dollars). Expected domestic and commercial borrowing will be around 2.607 billion yen (approximately $ 34.72 million).
The price cap for the Rajnandgoan project is ₹ 4 (~ $ 0.053) / kWh. Electricity generated by the project would be purchased by the Chattisgarh State Power Distribution Company, for which a Power Purchase Agreement (PPA) has been signed and the land handed over.
The net cost of the floating solar power project in Jharkhand is estimated at 5.83 billion yen (approximately $ 77.64 million), which is expected to be funded by 80% debt and 20% equity. The World Bank will provide a loan of 2.44 billion yen (about $ 32.49 million), while the likely domestic commercial borrowing will amount to 1.464 billion yen (about $ 19.49 million).
The price of the floating solar project will be capped at 3.50 (~ $ 0.047) / kWh. The electricity produced will be supplied by Jharkhand Bijli Vitran Nigam Limited.
The construction period for both projects is 18 months from the award date. The duration of the PPA for both projects is 25 years.
In October of this year, SECI launched a call for tenders for the establishment of 1,200 MW of wind-solar hybrid energy projects connected to the Interstate Transmission System (ISIS) (Tranche-V) through India.
Mercom recently announced that SECI will launch a call for expressions of interest for the purchase of 1,000 MWh of BESS, for which the Indian government has given the green light.
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