Tata Power has tied up the debt component of Rs 255 crore for its Rs 365 crore solar project at Mithapur in Gujarat. Tata Power's equity portion of the project is Rs 110 crore.
The debt has been provided by a consortium of domestic lenders such as State Bank of India and Export Import Bank, with SBI Capital Markets acting as the sole financial advisor and arranger.
Spread over 100 acres, the 25-MW project using crystalline silicon photo-voltaic technology solar will be along the coast of Gujarat. The company has signed a power purchase agreement with Gujarat Urja Vikas Nigam Ltd. The plant will be ready to inject power into the system by end-December.
Mr Anil Sardana, Managing Director, Tata Power, said, “We would like to thank the Government of Gujarat for the support extended for setting up this solar power project at Mithapur. The signing of the financing agreements is a significant milestone and we take this opportunity to thank our investors who have once again shown faith in Tata Power.”
Tata Power has also executed a three-MW solar photo-voltaic project at Mulshi.