Summary:
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### Key Business & Financial Details
| Parameter | Details |
| :— | :— |
| **Loan Amount** | ₹660 crore (Minimum bid: ₹150 crore, in multiples of ₹10 crore) . |
| **Total Project Cost**| ₹944.78 crore (Gross) . Net cost after subsidies: ₹815.34 crore . |
| **Debt-Equity Ratio** | 80:20 (Flexible up to 70:30) . |
| **Tenure & Moratorium** | 20 years total (2-year moratorium, 18-year repayment) . |
| **Repayment Schedule** | Principal: Half-yearly; Interest: Monthly . |
| **Security** | First *pari-passu* charge on project assets (equal ranking among lenders) . |
| **Bidding Deadline** | **April 24, 2026** . |
| **Borrower Rating** | AAA (ICRA & CARE Ratings) – indicating low credit risk . |
### Project & Operational Status
SECI has already made significant progress on the ground, reducing project risk for potential lenders:
* **Location & Land**: Land has been secured (~460 hectares across Gadi, Rajod, and Nawapada villages in Dhar district, MP) .
* **Grid Connectivity**: In-principle connectivity is secured at the 220 kV Badnawar substation (MPPTCL) .
* **PPA & Tariff**: Power will be sold to **Madhya Pradesh Power Management Company Limited** under a 25-year PPA at a fixed tariff of **₹2.45/kWh** .
* **Contractors**: Key contracts already awarded:
* **FS India Solar Ventures** (Solar Modules): ₹474.1 crore .
* **Amar Infrastructure Ltd** (Balance of System + 5-year O&M): ₹439.41 crore .
* **COD Target**: Commercial operation expected by **May 22, 2027** .
### Government Support
The project receives financial backing to enhance viability:
* **Viability Gap Funding (VGF)**: ₹44.72 lakh per MW .
* **MNRE Subsidy**: Total support of ₹129.44 crore .
### Business Implications for Lenders
1. **Low Counterparty Risk**: SECI is a “Navratna” PSU with AAA credit rating .
2. **Asset-Backed Security**: The loan is secured by a first charge on project assets .
3. **Locked-in Revenue**: The 25-year PPA with a state discom provides long-term revenue certainty .
4. **Evaluation Metric**: SECI will evaluate bids based on the **least overall cost of borrowing** (spread over benchmark rate) .
### Related Opportunity
SECI has also floated a similar **₹2,720 crore tender** to finance a **700 MW solar project in Radhanesda, Gujarat** (Deadline: May 14, 2026). The Dhar project is part of a larger 1,200 MW allocation that includes this Gujarat project and a 300 MW project in Andhra Pradesh .
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