SJVN Ltd achieves financial close on 70 MW solar project in Gujarat

SJVN Ltd has secured financial close for its 70 MW solar photovoltaic project located in the state of Gujarat in India. 

The Bagodara solar project represents about INR3.34 billion (US$42.89 million) of investment. Approximately INR2.67 billion (US$34.47 million) of SJVN's debt from the existing foreign currency term loans will be used to develop the project. 

The construction of the project has started and is expected to be completed before the end of 2022. Gujarat Urja Vikas Nigam Limited (GUVNL) has awarded the solar farm to SJVN at a tariff of INR2.21 per kWh (US$28.38 per MWh).