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SunBorne brings equity partner for solar project

According to reports, solar projects developer SunBorne Energy has roped in European company Eoxis Energy as a partner in its Gujarat project. With this, Eoxis owns 49 per cent equity in SunBorne’s 15 MW solar photovoltaic (PV) project in Gujarat.

Mr Anil Nayar, Executive Director and CFO, SunBorne, told Business Line that “the equity requirement for the project is Rs 70-80 crore and the partner has put their share of the 49 per cent interest.”

The overall project cost is approximately Rs 225 crore. In August, SunBorne raised funds to the tune of Rs 140 crore from the domestic banks.

The project is expected to be operational by December 2011 and falls under the solar programme of the State Government. The plant will produce enough electricity annually to power more than 10,000 households.

The project will also generate carbon credits under the clean development mechanism of United Nations Framework Convention on Climate Change. The mechanism allows companies undertaking clean technology projects to sell the reduction in emissions to developed countries.

“This partnership is currently for this project but we are discussing on how we can work towards a larger portfolio of assets over the coming few years,” he said.

This is Eoxis’ first investment in India. Eoxis is backed by Platina Partners, a European private equity firm focused on renewables, particularly wind and solar generation.

The European company has plans to reach 300 MW of installed capacity in the next three years and intends to make several further investments in both wind and solar generation plants.

Eoxis is an independent power producer focused on renewable energies with a global mandate. It develops, invests in and operates renewable energy assets in several countries with a technology focus on solar and wind energy, as well as hydro and biomass. The company currently owns and operates 30 MW of solar PV facilities in Spain.

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