Tata Power, India's largest private power company, which is developing a 25 MW solar photovoltaic (PV) power project under Gujarat’s Solar Power Policy 2009, through its subsidiary, Tata Power Renewable Energy Ltd, today announced the successful commissioning of its project on 25th January 2012.
Spread over 100 acres of land, the solar plant is located at Mithapur in Gujarat. Crystalline Silicon Photo-Voltaic Technology, which is modular, proven, and widely deployed, is the choice of technology for this project. The Company has signed a Power Purchase Agreement (PPA) for the project with Gujarat Urja Vikas Nigam Ltd. This plant is one of the largest of its kind in the country and is now feeding power into the grid.
Speaking on the commissioning, Anil Sardana, Managing Director, Tata Power, said, “We are delighted to announce the commissioning of one of the largest solar projects in the country. We would like to thank the Government of Gujarat and all our stakeholders for the support extended for setting up this solar power project at Mithapur.”
Tata Power Renewable Energy Limited had recently successfully 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 Limited acting as the sole financial advisor and arranger. The signing of financing agreements was completed on 2nd December 2011. The Company completed pre disbursement conditions under the financing agreements for availing Interim Disbursement and received the first loan disbursement on December 8, 2011.
The project of approximately Rs 365 crore is being funded through a debt equity mix of 70:30. The project financing comprises of equity of Rs.110 crores and Rupee Term Loans of Rs 255 crore.
The Company’s strategy emphasizes the development of clean energy generation from renewable sources to balance the carbon emissions from fossil fuel based generation capacity while contributing towards energy security of the country. Tata Power has ambitious plan to set up 300 MW of solar power capacity by 2017.
The Company has also executed a 3 MW solar photo-voltaic plant at Mulshi, one of the largest grid-connected solar projects in the State of 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 strong portfolio of 28+ MW of Solar and 375 MW of Wind making it the largest Renewable Utility player in India.