CIL Invites Bids for $147 MN Loan For 300 MW Solar Project
POWER & RENEWABLE ENERGY

CIL Invites Bids for $147 MN Loan For 300 MW Solar Project

Coal India (CIL) has invited proposals from financial institutions for a loan of Rs 12.17 billion (~$147.05 million) to set up 300 MW ground-mounted solar power project at Gujarat Industries Power Company’s (GIPCL) solar park in Khavda, Gujarat. 
Bids must be submitted by February 19, 2025. Bids will be opened on February 20. The loan must be approved within 45 days. The loan’s tenor must be 11 years, including one year of project construction and a 10-year repayment period. The debt must be disbursed progressively in a 80:20 ratio. 
CIL will repay the loan in 40 equal quarterly installments. Bidders must be scheduled commercial banks, non-bank financing companies, or regulated financial institutions. Consortiums of commercial banks, NBFCs, or regulated financial institutions cannot participate. 
CIL can draw a lesser amount than the loan tied-up amount based on the project requirements. It can draw partially or entirely, or even cancel the loan agreement without drawal after providing a 30-day intimation. 
The credit can be secured against non-current assets, excluding the project land. In 2023, CIL participated in Gujarat Urja Vikas Nigam’s Phase-XXI tender for procuring power from 600 MW grid-connected solar power projects to be set up in GIPCL renewable park at Khavda (GIPCL stage 1). 
CIL was awarded 300 MW at the tariff of Rs 2.55 (~$0.029)/kWh to supply the power for 25 years. It entered an “implementation and support” and “land lease” agreement with GIPCL, under which the latter received partial upfront development charges and corpus funds. 
The project aims to deliver energy to the 220/400/765 kV substation of the central transmission utility (KPS 2) at the Khavda central transmission utility periphery through the 33/400 kV internal pooling substation of the solar park. 
                                                              

Coal India (CIL) has invited proposals from financial institutions for a loan of Rs 12.17 billion (~$147.05 million) to set up 300 MW ground-mounted solar power project at Gujarat Industries Power Company’s (GIPCL) solar park in Khavda, Gujarat. Bids must be submitted by February 19, 2025. Bids will be opened on February 20. The loan must be approved within 45 days. The loan’s tenor must be 11 years, including one year of project construction and a 10-year repayment period. The debt must be disbursed progressively in a 80:20 ratio. CIL will repay the loan in 40 equal quarterly installments. Bidders must be scheduled commercial banks, non-bank financing companies, or regulated financial institutions. Consortiums of commercial banks, NBFCs, or regulated financial institutions cannot participate. CIL can draw a lesser amount than the loan tied-up amount based on the project requirements. It can draw partially or entirely, or even cancel the loan agreement without drawal after providing a 30-day intimation. The credit can be secured against non-current assets, excluding the project land. In 2023, CIL participated in Gujarat Urja Vikas Nigam’s Phase-XXI tender for procuring power from 600 MW grid-connected solar power projects to be set up in GIPCL renewable park at Khavda (GIPCL stage 1). CIL was awarded 300 MW at the tariff of Rs 2.55 (~$0.029)/kWh to supply the power for 25 years. It entered an “implementation and support” and “land lease” agreement with GIPCL, under which the latter received partial upfront development charges and corpus funds. The project aims to deliver energy to the 220/400/765 kV substation of the central transmission utility (KPS 2) at the Khavda central transmission utility periphery through the 33/400 kV internal pooling substation of the solar park.                                                               

Next Story
Infrastructure Urban

Infrastructure Opportunity Outlook by IMPACCT.Info

India’s infrastructure pipeline is witnessing dynamic activity across stages — from immediate bidding to future planning. IMPACCT segments these into three categories: Immediate, 3–6 Month, and Future Opportunities, enabling businesses to identify, prepare, and participate in high-value tenders and projects across sectors...To read the full article Click Here..

Next Story
Real Estate

Serene Communities, Prathima Group Invest Rs 4 billion in Hyderabad

Serene Communities by Columbia Pacific, India’s largest senior living operator, has partnered with Prathima Group to develop two senior living projects in Hyderabad, marking its entry into Telangana. The collaboration represents an investment of Rs 4 billion, combining Serene’s international expertise with Prathima’s local development experience. The first project, Serene BILVANI One, launched in Shankarpally, is Hyderabad’s first premium senior living community. Designed for independent and active ageing, it features senior-friendly architecture, barrier-free design, and wellness..

Next Story
Infrastructure Urban

India remains our most important market

Foundamental, the world’s leading venture capital platform focused on the project economy, has launched its third fund to strengthen its presence in India, APAC, and other global markets. Led by Berlin-based Managing Partners Shubhankar Bhattacharya and Patric Hellermann, Fund III aims for a final close by the end of 2025. In an exclusive interaction with CW, Bhattacharya shares insights on the fund’s mandate, India’s role in their strategy, and the opportunities they see in the construction-tech and project-based sectors. Can you briefly explain Fund III’s mandate and how In..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?