Tata Power has secured funds for its 25 MW solar photovoltaic (PV) power project at Mithapur in Gujarat. The project is being developed by Tata Power Renewable Energy.
The company has tied up entire debt requirement through a consortium of domestic lenders, namely State Bank of India and Export Import Bank of India with SBI Capital Markets acting as the sole financial advisor and arranger. The project financing comprises equity of Rs 110 crore and rupee term loans of Rs 255 crore. It is being funded through a debt equity mix of 70:30.
The power plant is being developed over 100 acre. The company has signed the PPA for the project with Gujarat Urja Vikas Nigam. The plant is expected to start power generation by March 2012.
Also See:
Tata BP Solar commissions solar power plant in Orissa (30-August-11)
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