NTPC REL Signs Rs 500 Cr Green Term Loan Pact with Bank of India for 670 MW Solar Projects

State-owned power sector major NTPC said that its wholly-owned subsidiary, NTPC Renewable Energy Ltd (REL) has recently signed the first green term loan agreement with the Bank of India for Rs 500 crore.
 
NTPC REL, an arm of India’s largest energy conglomerate, has signed the loan agreement at a very competitive rate for 15 years tenure for an aggregate 670 MW of solar energy projects including 470 MW in the state of Rajasthan and 200 MW of solar projects in Gujarat state.
 
Further, the agreement was signed in the presence of AK Gautam, Director (Finance), NTPC, CK Mondal, Director (Commercial), NTPC and Chairman of NTPC REL, Mohit Bhargava, ED (RE) NTPC and CEO (NTPC REL), Aditya Dar ED (Fin) NTPC and Director NTPC REL and senior officials from Bank of India.
 
Currently, NTPC REL has a renewable project portfolio of 3,450 MW of which 820 MW of projects are under construction and 2,630 MW of projects had been won for which power purchase agreements (PPAs) are pending to be executed, the company said in a statement.