Having secured funding, Tata Power is continuing with its three-fold project in cooperation with BP Solar installing plants located in the Patan, Kutch and Mithapur areas of the state of Gujarat to be completed under its Solar Power Policy 2009.
Finance agreements for the 25MW project at Mithapur were signed on December 2. The project is worth approximately Rs365 crore and is being funded through a debt-equity mix of 70:30. Financing comprises equity of Rs110 crore and rupee term loans of Rs255 crore. Lenders include State Bank of India and Export Import Bank of India with SBI Capital Markets acting as the sole financial advisor and arranger.
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This plant is likely to be one of the largest of its kind in the country and will be ready to inject power into the system by the end of this month.
Speaking on the announcement, Anil Sardana, managing director at 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 for the project, and we take this opportunity to thank our investors who have once again shown faith in Tata Power. We look forward to participating in many such initiatives in solar power.”
This summer however, protestors lined up on the coast against the industrial development on the coastal region of Kutch. Around 3,000 villagers, including fishermen, salt pan workers and farmers from about ten villages in the surrounding area held a 50km rally from Bhadreshwar to the district headquarters in Bhuj.