Times of India: October, 2016
New Delhi: Solar projects in India secured major financing deals as corporate funding of such projects rebounded in the third quarter of the current financial year, rising to nearly $3 billion in 45 deals globally against $1.7 billion in 32 deals in the second quarter.
Among the notable solar financing deals in India, Mahindra Renewables and its subsidiary Mahindra Susten, a provider of EPC (engineering procurement contracting) services for solar projects, secured a $31.6 million syndicated loan from Yes Bank and Aditya Birla Finance for its 30 MW Tandur solar project in Telangana.
Focal Energy Solar Three, a developer of renewable energy projects, secured $18.5 million syndicated loan for a 20 MW solar power project in Madhya Pradesh from Yes Bank and Tata Cleantech Capital.
Haryana Power Generation Corporation secured a $8.6 million loan from Nation al Bank for Agriculture and Rural Development under the Rural Infrastructure Development Fund for the construction of a 10 MW solar project at Panipat thermal power station in the state.
Lanco Property Management Company , a whollyowned subsidiary of Lanco Infratech, a conglomerate involved in construction, power, real estate and other infrastructure segments, acquired a solar project company with 35 MW capacity through a slump sale from Lanco Infratech. The financial terms of the transaction were, however, not undisclosed.
"Funding levels bounced back across the board compared to a weak Q2, but they are still well below last year's totals," a statement by green market tracker Mercom Capital quoted its CEO Raj Prabhu as saying on Thursday .
Solar downstream companies raised $273 million in eight deals compared to $112 million in seven deals in Q2 2016.