Summary:

—

## 1. Project & Borrower Overview

– **Borrower**: Solar Energy Corporation of India Ltd. (SECI) – a Government of India enterprise under MNRE.– **Credit Rating**: ‘AAA’ by ICRA Ltd and CARE (lowest credit risk).– **Role**: SECI is a Renewable Energy Implementing Agency (REIA) with over **76.525 GW** of renewable projects awarded.– **Project**: 700 MW Solar PV Power Plant at Radhanesda, Gujarat.– **Power Offtake**: Gujarat Urja Vikas Nigam Limited (GUVNL) at a tariff of **₹2.45/kWh**.– **SCOD**: 6th February 2028.

—

## 2. Financing Request

| Parameter | Detail ||———–|——–|| **Loan Amount** | Up to ₹2,720 crores || **Debt-Equity Ratio** | 80:20 (can vary up to 70:30) || **Total Project Cost** | ₹3,393.96 crores (net of CFA & VGF) || **Repayment Tenure** | 18 years || **Moratorium** | Construction period (19 months) + 1 additional year || **Basis** | Single or multiple bank lending || **Interest Rate** | Competitive (to be proposed by banks) || **Proposal Deadline** | 14th May 2026 |

—

## 3. Key Business & Financial Terms (Annexure A)

| Item | Terms ||——|——-|| **Reset Period** | Not less than 3 months || **Commitment Fees** | NIL || **Upfront / Processing / Legal / Document Fees** | NIL || **Prepayment Premium** | NIL (subject to 15 days’ notice) || **Disbursement** | As per SECI’s requirement, during moratorium period || **Repayment Frequency** | Principal – Half-yearly; Interest – Monthly || **Security** | First pari-passu charge on fixed assets (movable & immovable) of the 700 MW plant || **Security Ranking** | Exclusive / pari-passu with all term lenders |

—

## 4. Current Project Readiness

– **Land**: ~1,105 hectares (2,729 acres) allocated by Gujarat Govt. Revenue Department.– **Evacuation**: Through proposed GETCO 220 kV substation at Radhanesda.– **Procurement**: Tendering underway for modules, power transformers, and Balance of System (BOS).– **DPR**: Prepared by SECI’s in-house engineering team.– **Financial Due Diligence (FDD)**: Being done by CRISIL Ltd.

—

## 5. Business Implications for Lenders

### ✅ Strengths (Low Risk Indicators)

– **AAA-rated government enterprise** – virtually no default risk.– **Long-term PPA** with GUVNL at a fixed tariff – assured revenue stream.– **Government support** – CPSU Scheme, VGF, and solar park funding reduce project cost.– **No upfront fees** and **no prepayment penalty** – attractive for banks seeking flexibility.– **Pari-passu security** on dedicated project assets – clear lender rights.

### ⚠️ Considerations

– **Single-project security** – no cross-collateral with SECI’s other assets.– **Long tenor (18 years)** – interest rate risk management needed.– **Competitive bidding** – banks must offer attractive rates.– **Construction phase risk** – though moratorium covers 19 months + 1 year.

—

## 6. Proposal Submission Details

– **Address**:6th Floor, Plate-B, NBCC Office Block, Tower-2, East Kidwai Nagar, New Delhi – 110023– **Envelope Marking**: *“Bid for Funding the Credit requirement of SECI of Rs. 2,720 Crores”*– **Contact Persons**:– Sh. Mohit Singhal, Deputy Manager (Fin.) – 011-24666287– Sh. Akash Sharma, Sr. Accounts Officer – 011-24666386

– **Right to Reject**: SECI reserves the right to accept/reject any or all proposals or reduce quantum without assigning any reason.

—

For more information please see below link:

Download [222.36 KB]

Download [222.36 KB]

Error:Contact form not found.