SunBorne Energy gets debt finance for Guj solar power project

SunBorne Energy, a utility scale solar projects developer, has achieved financial closure of debt for Rs 140 crore (approx US $ 32 million) required for its 15 MW photo-voltaic plant in Karmaria, Kutch and Gujarat.

In a statement issued on Thursday, the company informed that State Bank of Patiala, the lead bank, with three other banks including Export-Import Bank of India, Canara Bank and State Bank of Travancore participated in the debt program. The debt advisory was led by SBI Capital Market Limited.

This translates to becoming one of the earliest large-scale non-recourse project finance led by Indian lenders, the company statement further said.

The solar energy plant, being set up in Gujarat, will be commissioned prior to December 31, 2011 and will generate 15 MW of photovoltaic power. The power plant would give power to more than 10,000 households. The project shall also generate Carbon Credits under the CDM mechanism of UNFCCC.