Sunborne Energy secured loan for solar plant

The 12-year INR1.4 billion (US$30.6 million) loan will be utilised in constructing its 15MW plant project in Gujarat, India.

Sunborne has been granted by the State Bank of Patiala, Canara Bank, Export-Import Bank of India and State Bank of Travancore a nine-month grace period to pay.

Getting financil backups for developers has been very challenging with banks showing doubts to the novice industry. The grant is one of the first few to receive a grant in the initial offering of the Indian government to support solar development.

The project is scheduled to be finished by the end of the year.