The company is developing the country's largest solar photo voltaic (PV) project with 40 MW generation capacity, which is scheduled for commissioning by March, 2012.
A Reliance Power Spokesperson confirmed the sanction of the loan, and went on to explain that the company was "fully committed to develop a large renewable energy portfolio comprising wind, solar PV and solar thermal projects."
A long-term Power Purchase Agreement (PPA) for the PV project has been signed with group company Reliance Infrastructure at the Maharashtra Electricity Regulatory Commission (MERC)-approved tariff.
The company has already placed equipment orders with a unnamed US supplier for the project, which will be eligible for carbon credits.
The 40 MW solar plant is the first in a series of solar energy projects planned by the company.
The company said it would be followed by the building of a 100 MW solar plant in Rajasthan, which would be a Concentrated Solar Power (CSP) project to be commissioned by May, 2013.
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