The Asian Development Bank (ADB) and France’s ENGIE group have signed a long-term loan of up to ₹ 466 crore for setting up a 200-MW solar power project in Gujarat.
An ADB statement said that the project will be developed in the Raghanesda Solar Park.
Electro Solaire Private Limited (ESPL), a special purpose vehicle owned by the ENGIE group, will implement the project. ADB, along with another international lender, will provide the entire debt required to construct the solar power plant, the statement said.
ESPL is collaborating with the Gujarat government to construct the project and has signed a power purchase agreement for 25 years with the State government, the statement said.
It is expected to commission the solar plant in the first half of 2021. Once commissioned, the plant is expected to generate about 440 gigawatt-hours of electricity annually.
ENGIE’s portfolio in India includes 810 MW peak of solar PV and 280 MW of wind power in India. ADB said that apart from generating green power, the project will create about 1,200 direct and indirect jobs.