The Solar Energy Corporation of India (SECI) has initiated a major step to strengthen India’s renewable energy capacity by seeking financial support for a new solar project. The Navratna public sector undertaking has invited proposals from scheduled commercial banks and financial institutions for a term loan of ₹660 crore. The funding will be used to develop a 200 MW solar photovoltaic (PV) power plant in Dhar district of Madhya Pradesh.
The project is part of the Central Public Sector Undertaking (CPSU) Scheme Phase-II, a government initiative aimed at encouraging state-run entities to establish solar projects for captive use or supply to government bodies. Under this scheme, the project will receive support from the Indian Renewable Energy Development Agency (IREDA), along with Viability Gap Funding (VGF) of around ₹44.72 lakh per megawatt. This financial assistance helps bridge the gap between project costs and expected returns, making such clean energy ventures more viable.
SECI operates under the Ministry of New and Renewable Energy and plays a central role in implementing renewable energy projects across the country. By the end of 2025, SECI had awarded over 76.5 GW of renewable energy capacity nationwide, including nearly 48 GW of solar power. While it primarily facilitates projects through competitive bidding, it is also expanding its own operational portfolio, with the Dhar project being a key addition.
To attract lenders, SECI has emphasized its strong financial standing, supported by top-tier “AAA” ratings from agencies such as ICRA and CARE Ratings. These ratings indicate a low risk of default and enhance confidence among financial institutions.
The Dhar solar project is expected to contribute significantly to India’s clean energy goals by increasing renewable power supply and reducing carbon emissions, supporting the country’s long-term sustainability and energy independence targets.
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