Asian Development Bank (ADB) on Wednesday, said it has, through its subsidiary, SAEL Solar P4 Private Limited, signed a loan for the development of a 400-megawatt (MW) greenfield solar power plant in Gujarat, India.,
The financing package comprises $147 million from ADB and a parallel loan of up to $73.48 million underwritten by Tata Capital.
The ADB led the structuring of the financing package as well as the mobilization of domestic private capital.
ADB said SAEL Solar P4 Private Limited would build and operate the solar power plant within the Khavda Ultra Mega Solar Park in Gujarat, India.
Electricity generated by the solar plant would be supplied to Gujarat Urja Vikas Nigam Limited, the state-owned power distribution company, through a 25-year purchase agreement.
The plant is likely to produce an average of 953 gigawatt-hours of clean energy annually, to avoid approximately 783,855 tons of carbon dioxide emissions annually.
SAEL and the ADB have previously partnered in a biomass power generation project that uses agricultural residue.
SAEL Industries Limited is a renewable energy company that focuses on creating green assets in transition to green energy, with biomass and solar power projects in various states in India.
A member of SAEL group of company found in 1999 have diversified business interests in renewable energy generation, warehousing and agricultural processing.
Xinhua