TATA Power has commissioned a 25MW Solar project in Gujarat

TATA Power has commissioned a 25 megawatt solar photovoltaic power project in Gujarat. Spread over 100 acres of land, the INR 365 crore solar plant is based on crystalline silicon PV technology.

The company had signed a power purchase agreement for the project with Gujarat Urja Vikas Nigam Ltd. The Mithapur plant is one of the largest of its kind in the country and is now feeding power into the grid.

The company’s subsidiary, TATA Power Renewable Energy Ltd, had 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 Ltd acting as the sole financial advisor and arranger. The project financing comprises equity of INR 110 crore and rupee term loan of INR 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.

(Sourced from BL)