The Hindu Business line reports that the total capacity of all the projects that have confirmed financial closure exceeds 500 MW, Mr Anil Agarwal, Chief Executive Officer, NTPC Vidyut Vyapar Nigam (NVVN) – the nodal agency for conducting the selection process for the first stage of JNNSM.

The article also goes on to state that –

“The ‘500-plus MW’ includes all the seven solar thermal projects, whose total capacity is 470 MW. At an approximate cost of Rs 12 crore a megawatt of capacity and working at a debt-equity mix of 70:30, the implication of the financial closures is that banks in India have come forward to lend around Rs 4,500 crore to the solar sector.

The project awardees have informed NVVN of their financial closure, but they have time till July 24 to submit the papers.

The achievement of financial closure by the due date of July 9 is an encouraging sign, because earlier there was talk of projects struggling to convince banks to lend.

Among the banks that have agreed to lend are Bank of Baroda, Axis Bank, ICICI Bank, SBI and IDBI. In addition, L&T Finance and Exim banks of some countries have been involved, sources say. ”

Our earlier post mentioned PV Magazine’s article that only half of the projects allocated under NVVN had achieved financial closure.

With this kind of confusion, we would defer to the more credible source based on The Hindu’s article, however we will know for sure only by early August once the details are official.