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Tata Power has tied up funds for the 95 MW Tsitsikamma wind energy project, which is estimated to cost about Rs 1,750 crore, in South Africa.
The project is being implemented by Cennergi, an equal joint venture between Tata Power and South Africa’s Exxaro Resources.
“The project of approximately Rand 2,905 million (around Rs 1,750 crore at current exchange rate) is being funded through a debt—equity mix of 75:25. The project financing comprises of equity of Rand 726 million and term loans of Rand 2179 million,” Tata Power said in a statement today.
Cennergi tied up entire debt requirement for the project through Nedbank.
“The signing of financing agreements was completed on June 5, 2013. The company also completed pre—disbursement conditions under the financing agreements for availing interim disbursement and received the first loan disbursement on June 28, 2013,” it noted.
Last month, Tata Power had announced the financial closure for 135 MW Amakhala Emoyeni wind plant in South Africa. This project is being executed by Cennergi.
“We are pleased to complete the financial closures for both our wind projects in South Africa,” Cennergi Chairman and Tata Power Managing Director Anil Sardana said.
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