Shimla: SJVN has secured a groundbreaking Rs 10,000 crore ($1.2 billion) Construction Finance Facility from a consortium of national and international lenders.
This unique initiative, a first for a PSU entity and Public Sector Banks, was undertaken by SJVN Green Energy Limited in collaboration with SBI Capital Markets.
The facility, oversubscribed with contributions from banks like Deutsche Bank, SBI, PNB, Bank of India, and MUFG Bank, is of a revolving nature, empowering SJVN to draw funds as needed for its under-construction renewable energy projects.
This strategic move aligns with the Government of India's goal of achieving 500 GW of renewable energy by 2030.
The initiative was lauded by SJVN's Chairman and Managing Director, Nand Lal Sharma, who emphasized its role in fostering a greener and more sustainable future.
The funds will be strategically utilized for state-of-the-art solar and wind energy projects across India, contributing to employment opportunities and local economic growth.
The announcement was made at an event organized by SBI CAPS, attended by key officials from SJVN, SGEL, SBI Caps, and syndicating banks. SJVN's current renewable energy portfolio stands at 5090.5 MW, with ambitious targets of 12,000 MW by 2026 and a shared vision of 25,000 MW by 2030 and 50,000 MW by 2040.