EDEN Renewables India has tied up with DBS Bank Ltd, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation (Singapore Branch) for USD 165-million (about Rs 1,200 crore) funding for its 450-megawatt peak solar power project in Rajasthan.
“EDEN Renewables India (EDEN) has successfully secured financial close for its 450 MWp (megawatt peak) SECI III solar PV project, with a group of three major international banks,” according to a statement.
The SECI III project has been successfully financed through a green limited recourse project term loan of USD 165 million provided by DBS Bank Ltd, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation (Singapore Branch).
For this transaction, EDEN was advised by Herbert Smith Freehills and L&L Partners Law Offices as legal advisors, and Chatham Financial Europe as hedge benchmark advisor.
The project, currently under construction in Rajasthan, was awarded to EDEN within the context of a tender launched by the Solar Energy Corporation of India (SECI), following which EDEN signed a power purchase agreement (PPA) with SECI in June 2019.
The project’s commissioning is expected towards the first half of 2021.
EDEN Renewables India CEO Sudhir Verma said, “I am pleased that we have successfully reached the financial close of our SECI III Solar Farm. This is one more success for EDEN and a significant moment for the development of renewable energy in India.”
He 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 per cent of non-fossil fuel generation by 2030.
Total Eren Chief Financial Officer Laurence Juin said, “This successful financial close reflects the ongoing interest and trust of the lenders in the Indian renewable energy market and its promising prospects.”
EDF Renewables Executive Vice-President (International Operations) Frederic Belloy said, “We are pleased to achieve this new breakthrough for our SECI III project, with our partner Total Eren through our joint venture EDEN Renewables India that is among the leaders in the Indian solar market.”
He added that the secured financing carried out together with the financial partners is a major step in the delivery of our 450 MWp project.
“We are now fully mobilised towards its completion. SECI III as well as our recent successes representing 1,300 MWp new projects, demonstrate EDF Renewables’ willingness to support India to reach its great ambition for renewables energy,” Belloy said.
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.
As of 2021, 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.