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India seeks $500 million World Bank loan for Rajasthan mega solar power project

According to reports, the ministry of new and renewable energy has submitted a proposal to the department of economic affairs (DEA) for approaching the World Bank for loan assistance of $500 million for implementation of the 750 MW first phase of the proposed 4000 MW ultra mega solar power project to be set up on the vacant land of Hindustan Salts Ltd at Sambhar, Rajasthan, at a total estimated cost of $1.09 billion.

The DEA is evaluating the proposal and once it is forwarded, the World Bank is likely to consider financing the project, minister of new and renewable energy Farooq Abdullah informed the Lok Sabha in a written reply on Friday.

The project is envisaged to be set up by a joint venture of six PSUs, viz, Bharat Heavy Electricals Limited, Solar Energy Corporation of India, Hindustan Salts Limited, PowerGrid, Satluj Jal Vidyut Nigam Limited and Rajasthan Electronics and Instruments Limited.

The government has not availed any loan from the World Bank in the 11th and 12th Plan periods for the development of solar energy in the country.

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