Tata Power, Indias oldest and largest private power company, has secured enough financing agreements to back a 25 megawatt solar photovoltaic power plant it is currently developing at Mithapur, Gujarat.
Tata’s financing comprises of equity valued at 110 million rupees ($2 million) and loans of 255 million rupees ($4.1 million). The project costs approximately 365 million rupees ($6.7 million) in total.
The loans and equity came from numerous sources, including the State Bank of India and Export Import Bank of India with SBI Capital Markets Limited acting as the sole financial advisor and arranger, according to a statement.
Tata Power Renewable Energy Limited, the company’s subsidiary, has signed a power purchase agreement for the project with Gujarat Urja Vikas Nigam Limited, expecting the solar farm to be online by year end. (Oliver M. Bayani)
