Solar Energy Corporation of India (SECI) has invited Expressions of Interest from banks to extend a term loan of ₹4 billion (~$53.37 million) with a tenor of 15 years to develop two solar photovoltaic (PV) projects of 100 MW capacity each.
One of the projects is 100 MWAC solar (160 MWDC) with a 40 MW/120 MWh battery energy storage system (BESS) at Rajnandgoan, Chattisgarh. In July, SECI invited bids 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 solar PV project in Getalsud Reservoir in Ranchi in Jharkhand. The tender for this project is expected to be announced soon.
The last date to submit the bids is November 20, 2021.
The projects are supported by a $200 million (~₹14.97 billion) loan from the World Bank as part of its ‘Innovation in Solar Power and Hybrid Technologies’ program.
The net project cost of the Rajnandgoan project is expected to be ₹9.22 billion (~$122.78 million), which is proposed to be financed with 80% debt and 20% equity. The World Bank will finance the project to the extent of 50%, amounting to ₹4.355 billion (~$57.99 million). The expected domestic, commercial borrowings will be about ₹2.607 billion (~$34.72 million).
The tariff cap for the Rajnandgoan project is ₹4 (~$0.053)/kWh. The electricity generated from the project would be procured by the Chattisgarh State Power Distribution Company, for which a power purchase agreement (PPA) has been signed and land handed over.
The net project cost of the floating solar power project in Jharkhand is estimated at ₹5.83 billion (~$77.64 million), which is proposed to be financed with 80% debt and 20% equity. The World Bank will provide a loan of ₹2.44 billion (~$32.49 million), while the likely domestic commercial borrowings will be to the extent of ₹1.464 billion (~$19.49 million).
The tariff for the floating solar project will be capped at ₹3.50 (~$0.047)/kWh. The power generated will be procured the Jharkhand Bijli Vitran Nigam Limited.
The construction period for both projects is 18 months from the date of the award. The PPA tenure for both projects is 25 years.
In October this year, SECI invited bids for setting up 1,200 MW of interstate transmission system (ISIS)-connected wind-solar hybrid power projects (Tranche-V) across India.
Mercom recently reported that SECI would call for expressions of interest to procure 1,000 MWh of BESS, for which the Government of India has given the go-ahead.
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