India's biggest solar park project gets $356M funding

What would be India’s biggest solar park will receive a 250 million euros or $356 million loan from KfW Entwicklungsbank of Germany.

The 125- megawatt Shivajinagar Sakri plant can be expanded to 150 megawatts, powering the homes of 400,000 people, at a cost of as much as 370 million euros, according to the Frankfurt-based bank.

That would equal the capacity from all 30 plants approved in India’s first national auction of photovoltaic

projects in December. The country aims to achieve 20,000 megawatts of solar capacity by 2022 as it seeks to
curb carbon emissions while satisfying surging demand for energy.

The “reduced-interest” loan, the terms of which weren’t disclosed, is KfW’s largest for a solar project, according to Wolfram Schweickhardt, a spokesman for the bank.

Maharashtra State Power, the utility that will develop and own the project, will contribute about 120 million euros.

The full story is available at Bloomberg.