The Indian government is seeking a US$500 million loan from the World Bank to initiate construction of a planned 4GW solar project in Rajasthan.
The loan would be to cover the 750MW first phase of the 4GW ‘ultra mega’ solar project announced last year.
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India’s Ministry of New and Renewable Energy last week submitted a proposal for the loan to the Department of Economic Affairs, which will forward the request on to the Washington-based World Bank.
The multi-phase 4GW project was announced last year and will be built on land belonging to Hindustan Salts.
It will be built by a joint venture of six bodies – Bharat Heavy Electricals Limited, Solar Energy Corporation of India, Hindustan Salts, POWERGRID, Satluj Jal Vidyut Nigam Limited and Rajasthan Electronics and Instruments Limited.
The six organisations signed a memorandum of understanding on the project last month.
If fully completed the project would be the largest PV plant in the world, generating some 6.4 billion kWh of electricity annually.