MANILA, Jan. 24 (Xinhua) -- The Asian Development Bank (ADB) and SAEL Industries Limited, through its subsidiary SAEL Solar P4 Private Limited, have signed a loan for the development of a 400-megawatt (MW) greenfield solar power plant in Gujarat, India, the ADB said on Wednesday.
The financing package comprises 147 million dollars from ADB and a parallel loan of up to 73.48 million dollars underwritten by Tata Capital. The ADB led the structuring of the financing package as well as the mobilization of domestic private capital.
The ADB said SAEL Solar P4 Private Limited will build and operate the solar powerplant within the Khavda Ultra Mega Solar Park in Gujarat, India. The electricity generated by the solar plant will be supplied to Gujarat Urja Vikas Nigam Limited, the state-owned power distribution company, through a 25-year purchase agreement.
The plant is anticipated to produce an average of 953 gigawatt-hours of clean energy annually, helping 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 with a focus on creating green assets to contribute to the transition to green energy, with biomass and solar power projects in various states in India. It is a member of the SAEL group of companies founded in 1999 and has diversified business interests in renewable energy generation, warehousing and agricultural processing. ■