MNRE proposes for loan assistance of USD 500 million from World Bank

The Ministry of New and Renewable Energy has submitted a proposal to the Department of Economic Affairs (DEA) for posing to World Bank for loan assistance of USD 500 million for implementation of first phase of 750 MW of an Ultra Mega Solar Power Project of 4000 MW cumulative capacity to be set up on vacant land of Hindustan Salts Ltd. at Sambhar, Rajasthan at a total estimated outlay of USD 1085 million. 

The project is envisaged to be set up by a Joint Venture of six PSUs: Bharat Heavy Electricals Limited, Solar Energy Corporation of India, Hindustan Salts Limited, POWERGRID, Satluj Jal Vidyut Nigam Limited and Rajasthan Electronics and Instruments Limited. An MoU in this regard has been signed amongst these PSUs recently. 

DEA is processing the case and this can be considered by the World Bank once DEA forwards to the World Bank. The Government has not availed any loan from the World Bank in the 11th and 12th Plan period for the development of solar energy sector in the country.