EDEN Renewables India secures US$ 165 million finance for 450-MW solar project

EDEN Renewables India partnered with DBS Bank Ltd, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation (Singapore Branch) for financing its US$ 165 million, 450-megawatt peak solar power project in Rajasthan.

According to the statement EDEN Renewables India secured funding for its 450 MWp (megawatt peak) SECI III solar PV project, with a group of three major international banks.

The SECI III project has been financed by DBS Bank Ltd, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation (Singapore Branch).

Herbert Smith Freehills and L&L Partners Law Offices assisted EDEN as legal advisors, and Chatham Financial Europe as hedge benchmark advisor.

For this project, EDEN signed a power purchase agreement (PPA) with SECI in June 2019 and the project is expected to commence by the first half of 2021.

Sudhir Verma, EDEN Renewables India CEO said that, they have successfully reached the financial close of SECI III Solar Farm and it is a significant moment for the development of renewable energy in India. He also added that EDEN is eager to provide its expertise in high-scale solar PV farms to contribute to a low-carbon environment in the country, in line with the country’s objective to achieve 40% of non-fossil fuel generation by 2030.

EDEN Renewables India was founded in 2016 as a joint venture between Total Eren and EDF Renewables to build and operate solar photovoltaic projects across India.

The company has 207 MWp operating solar plants, 450 MWp under construction, and over 1,600 MWp under development and due to commission by 2022.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.