Interested lenders have been invited to submit their proposals to SECI by May 14, 2026.
The Solar Energy Corporation of India (SECI) has invited scheduled commercial banks and financial institutions to extend term loans of up to ₹2,720 crore for the development of a 700 MW AC grid-connected solar PV project in Radhanesda, Gujarat.
The total estimated project cost stands at ₹3,847 crore. Of this, ₹453.04 crore has already been secured through solar park subsidy support from the Ministry of New and Renewable Energy (MNRE) and Viability Gap Funding (VGF). SECI will contribute ₹678.79 crore as equity, while the remaining funding requirement will be met through domestic borrowings.
According to SECI, the minimum loan commitment from lenders is set at ₹500 crore, in multiples of ₹10 crore. The loan tenure is proposed at 18 years, including a moratorium period covering the 19-month construction phase and an additional one year.
The Radhanesda solar project is expected to commence commercial operations by February 6, 2028. Power generated from the plant will be supplied under a 25-year power purchase agreement (PPA) to Gujarat Urja Vikas Nigam Limited (GUVNL) at a tariff of ₹2.45 per kWh.
SECI has initiated the tendering process for key components, including solar modules, power transformers, and balance of system (BOS) for the project. The facility will be developed on approximately 1,105 hectares of land in Tharad district, Gujarat.
The project is being implemented under the Central Public Sector Undertaking (CPSU) Scheme Phase-II and forms part of the 1.2 GW solar capacity awarded to SECI by the Indian Renewable Energy Development Agency (IREDA).
Out of the total 1.2 GW capacity, 300 MW is being developed in Ramagiri, Andhra Pradesh, and is scheduled for commissioning by June 30, 2026. Another 200 MW project is under construction in Dhar, Madhya Pradesh, and is expected to be operational by May 22, 2027. Both projects will supply electricity to Madhya Pradesh Power Management Company Limited (MPPMCL).
Interested lenders have been invited to submit their proposals to SECI by May 14, 2026.
As a designated Renewable Energy Implementing Agency (REIA), SECI has awarded over 76.5 GW of renewable energy capacity as of December 31, 2025, including 47.88 GW of solar, 16.6 GW of wind, and 12 GW of hybrid projects.
