Greenko has secured aRs 5,500 crore loan from Power Finance Corporation (PFC) to erect India’s first off-river energy storage facility in Andhra Pradesh.
The power generator will not be required to begin loan repayment until after the project has been commissioned. The 20-year loan has an interest rate of 11% per year. It will receive a one-year moratorium upon commissioning during which it won’t be required to make any payments to the lender.
The storage facility is being developed at a cost of Rs 7,600 crore, of which the debt component is being funded by PFC, a public sector initiative. Greenko is the only owner of the project.
The remaining funds for construction will be put in by Greenko as equity.
