The Solar Energy Corporation of India (SECI) has issued a request for proposals for scheduled commercial banks or financial institutions to provide a term loan of 10 billion for the establishment of a 300 MW solar power project. To be located in the Ramagiri village of Sri Satya Sai District in Andhra Pradesh, the loan to be provided on a single or multiple bank lending basis, should carry a competitive interest rate and have a tenure of 20 years, which includes a two-year moratorium. The bank is required to offer a minimum amount of Rs 2.5 billion and subsequent amounts should be in multiples of Rs 2.5 billion. The sanctioned loan should be distributed within a period of two years from the date of finalising the loan agreement. The bid submission deadline is January 21, 2023.
The electricity produced by the project will be supplied to the Madhya Pradesh Power Management Company at a rate of Rs 2.57 per kWh. The SECI has designated 907.87 acres of land for the project, and it currently has ownership of 899.43 acres. It has additionally obtained preliminary approval for connectivity to the 300 MW solar project at the 220-kV level of the Pavagada, 400/220 kV central transmission utility substation.
SECI secured a contract from the Indian Renewable Energy Development Agency to develop 1,200 MW solar projects under the Central Public Sector Undertaking Program Phase-II, receiving a viability gap funding of Rs 4.47 million per MW. From the overall capacity, it was proposed to develop 300 MW in Ramagiri, Andhra Pradesh. SECI initiated the tender process for the design, engineering, testing, and commissioning of this project in April 2023. The entire project is estimated to cost Rs 14.19 billion.
Recently, in January 2024, SECI issued a tender to develop 1,500 MW inter-state transmission system (ISTS) connected solar projects (Tranche XIII).
