The loan is co-financed with Japanese private financial institutions, said the company.

SJVN and JBIC virtually inked the Facility Agreement under GREEN programme of JBIC.

The objective of the debt is to finance 90 megawatt (MW) Omkareshwar Floating solar power project in Madhya Pradesh and 100 MW Raghanesda solar power project in Gujarat having combined estimated cost of Rs 1,288.35 crore.

SJVN's commitment to achieve 25 gigawatt (GW) of generation capacity by 2030, more than half of which is bound to come from solar and wind resources and emphasised for more association with JBIC for GREEN Financing in near future, the company said.

The two projects presently being financed by JBIC are scheduled to commission in the year 2023 itself and will produce about 450 MU of electricity in their first year of operation.

While 60% of the debt arranged will be financed by JBIC itself, balance will come from Commercial Banks of Japan including MUFG Bank and San-in Godo Bank, SJVN stated in the press release.

SJVN is an Indian public sector undertaking having business interests in hydro, thermal, solar, wind and in power transmission & power trading. It is a joint venture between the Government of India and the Government of Himachal Pradesh.

The power generation company's consolidated net profit rose 22.1% to Rs 287.42 crore in Q3 FY23 from Rs 235.46 crore recorded in Q3 FY22. Revenue from operations rose marginally to Rs 551.99 crore in the quarter ended 31 December 2022 as against Rs 549.14 crore reported in Q3 FY22.

Shares of SJVN rose 0.97% to Rs 31.20 on the BSE.