Tata Power finalized financing agreements 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.
Tata Power is developing the solar photovoltaic power project at Mithapur, Gujarat, under the state’s Solar Power Policy 2009.
The company completed pre-disbursement conditions under the financing agreements for availing interim disbursement and received the first loan disbursement on 8 December 2011.
The project financing comprises equity of INR110 crore ($20.5m) and rupee term loans of INR255 crore ($47.53m).
Spread over 100 acres of land, the solar plant will use crystalline silicon photo-voltaic technology.
The company has signed a power purchase agreement for the project with Gujarat Urja Vikas Nigam.
