Tata Power sets up 25 MW solar project for Rs 365 crore in Gujarat

TATA POWER

Tata Power sets up 25 MW solar project for Rs 365 crore in Gujarat


By Greentech Lead Team: Tata Power has set up a 25
megawatt solar photovoltaic power project in Gujarat. Spread over 100 acres of
land, the Rs 365 crore solar plant is based on crystalline silicon PV
technology.

Tata Power has signed a power purchase agreement for the project with Gujarat
Urja Vikas Nigam. The Mithapur plant is one of the largest of its kind in the country
and is now feeding power into the grid, said Anil Sardana, managing director of
TATA Power.

The company’s subsidiary, Tata Power Renewable Energy, has recently 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 acting
as the sole financial advisor and arranger. The project financing comprises
equity of Rs 110 crore and rupee term loan of Rs 255 crore.

Tata Power plans to set up 300 MW of solar power capacity by 2017. It has so
far executed a 3 MW solar PV plant at Mulshi, one of the largest grid-connected
solar projects in Maharashtra, and had set up its first solar power plant of
110 kW, way back in 1996 at Walwhan in Lonavla.

With these projects, Tata Power now has a portfolio of more than 28 MW of solar
and 375 MW of wind power, making it the largest renewable utility player in
India.

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