Tata secures $68M funding for western Indian solar project

Tata Power has secured funding for its 25-MW solar project in Gujarat through a consortium .

The project will cost 3.65-billion-rupe or US$68 million.

“The project financing comprises equity of Rs 110 crore and rupee term loans of Rs 255 crore,” Tata Power announced.

“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 company stated.

According to the company, the first loan disbursement was received on December 8. “The signing of the financing agreements is a significant milestone for the project… We look forward to participating in many such initiatives in solar power,” Tata Power Managing Director Anil Sardana said.