ADB agrees financing for 200MW Raghanesda Solar Park

The Asian Development Bank and the ENGIE group signed a long-term loan of up to INR4.66 billion (about $65.5 million) to construct and operate a 200MW alternating current solar photovoltaic-based power plant at Raghanesda Solar Park, in India’s western state of Gujarat.   

Electro Solaire Private Limited (ESPL), a special purpose vehicle owned by the group, will implement the project. ADB, along with another international lender, will provide the entire debt required to construct the solar power plant. ESPL is expected to commission the solar power plant in the first half of 2021. Once commissioned, the power plant is expected to generate about 440 gigawatt-hours of electricity annually.