India’s Tata Power signs up US$68mn for solar power

NEW DELHI, Dec 14 (AsiaPulse) – Tata Power (BSE:500400) said
it has tied up funds for its 25-MW solar project in Gujarat,
which is to see an investment of about Rs 365 crore (US$68.7
million). Tata Power has inked a Power Purchase Agreement (PPA) for
the project with Gujarat Urja Vikas Nigam Ltd.

(PTI) cg

Corrected – US$68mn The solar photovoltaic (PV) power project at Mithapur will
be funded through a debt equity mix of 70:30. The plant is
expected to start power generation by end-December.

“The project financing comprises equity of Rs 110 crore and
rupee term loans of Rs 255 crore,” Tata Power said in a
statement Tuesday.

The Mithapur project is being developed by Tata Power
Renewable Energy Ltd, a subsidiary of Tata Power.

“Tata Power Renewable Energy Limited has successfully tied
up the entire debt requirement through a consortium of domestic
lenders, namely State Bank of India and Export Import Bank of
India with SBI Capital Markets Ltd acting as the sole financial
advisor and arranger,” the statement said.

According to the company, the first loan disbursement was
received on December 8.

“The signing of the financing agreements is a sign