Tata Power ties up financing for Gujarat Solar Project [Jan 2012]

Tata Power is developing a 25 MW solar PV power project at Mithapur in Gujarat under the State’s Solar Power Policy 2009, through its subsidiary, Tata Power Renewable Energy Limited, has completed the signing of financing agreements. Tata Power Renewable Energy Limited has 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 project of approximately Rs.365 crore is being funded through a debt equity mix of 70:30. The project financing comprises of equity of Rs.110 crore and Rupee Term Loans of `255 crore.