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Solairedirect France to raise Rs 3 billion debt for solar projects in India from Rabobank and others

According to reports, Solairedirect, France’s second largest solar power company, plans to raise around Rs 3 billion in rupee denominated loans over the next six months to fund its project target of roughly 25 mega watt (mw) of solar power projects in India in the financial year 2011-12.

Thierry Lepercq, chairman of Solairedirect, told Financial Chronicle, “We are in talks with various banks in France such as Rabobank apart from a few private equity players to participate in the fund raising activity. We expect the money will be raised by the time the National Solar Power Mission and other projects come up for construction in the second half of 2011.”

The funds will be used to finance projects under National Solar Power Mission, Maharashtra Generation Company, and projects under Gujarat government’s power development schemes, he said.

Gaurav Sood, managing director of Solairedirect Energy India, said Solairedirect will deliver low cost and high value kilo watt hour (kwh) through optimisation of all critical elements like system cost and performance, electrical production, financing cost and shareholder return.

“We are looking at executing projects by signing large power purchase agreements (PPAs) directly with different state governments, private companies and through joint development approach with customers who already have PPA’s under different schemes. Our integrated model of construction, operation and financing of projects is bound to get a traction in the market,” Sood said.

“We have already reached a levellised cost of energy (LCOE) of Rs 9 per unit on projects in France, with a technology and industrial roadmap to cut this cost to Rs 6 per unit within two years. This will help us to meet the demand for low tariff on the lines of fossil fuels,” Lepercq said.

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