Tata Power announced the successful commissioning of its project on 25th January 2012.Spread over 100 acres of land, the solar plant is located at Mithapur in Gujarat. Crystalline Silicon Photo-Voltaic Technology, which is modular, proven, and widely deployed, is the choice of technology for this project. The Company has signed a Power Purchase Agreement (PPA) for the project with Gujarat Urja Vikas Nigam Limited. This plant is one of the largest of its kind in the country and is now feeding power into the grid.
Speaking on the commissioning, Mr. Anil Sardana, Managing Director, Tata Power, said, "We are delighted to announce the commissioning of one of the largest solar projects in the country. We would like to thank the Government of Gujarat and all our stakeholders for the support extended for setting up this solar power project at Mithapur."
Tata Power Renewable Energy Limited had recently 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 Limited acting as the sole financial advisor and arranger. The signing of financing agreements was completed on 2nd December 2011. The Company completed pre disbursement conditions under the financing agreements for availing Interim Disbursement and received the first loan disbursement on December 8, 2011.
The project of approximately Rs. 365 crores is being funded through a debt equity mix of 70:30. The project financing comprises of equity of Rs.110 crores and Rupee Term Loans of Rs. 255 crores.
Solar PV | News published on 2012-02-22 by Bharat Vasandani
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