Company has construction finance facility
Shimla. SJVN, a mini-ratna company of the Government of India, has got a finance facility of Rs 10,000 crore to invest in power projects. SJVN CMD Nandlal Sharma said that it has secured a construction finance facility of Rs 10,000 crore from a consortium of domestic and international lenders to fund its upcoming renewable energy projects.
Construction Finance Facility is a unique initiative taken by PSU bodies and Public Sector Banks. Nand Lal Sharma said that SJVN Green Energy Limited, a wholly owned subsidiary of SJVN Limited, has taken this initiative in collaboration with SBI Capital Markets Limited. The construction finance received an overwhelming response from lenders and was over-subscribed.
After detailed discussions, the proposals of five banks namely Deutsche Bank, State Bank of India, Punjab National Bank, Bank of India and MUFG Bank have been accepted. This loan facility is of revolving nature, allowing SJVN to withdraw funds on an ongoing basis as per the construction requirements of its projects.
This facility will enable SJVN to accelerate development of its under-construction RE projects. This facility will enable SJVN to contribute to the Government of India’s target of achieving 500 GW of renewable energy by 2030. Nand Lal Sharma appreciated the efforts of SBI Caps and SJVN team in achieving this feat of providing easy access to funds for all upcoming RE projects of SJVN.
These projects are expected to create employment opportunities, boost the local economy and contribute significantly to the exploitation of renewable energy. Presently SJVN’s RE portfolio is 5090.5 MW, out of which 179.5 MW is in operation, 1860 MW is under construction and 3051 MW is under various stages of implementation.
The company is moving forward with enthusiasm to achieve its mission of 12,000 MW by 2026 and the common target of 25,000 MW by 2030 and 50,000 MW installed capacity by 2040.
