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L&T Infra raises $ 100 mn through ECB to fund solar projects

According to reports, L&T Infra Finance, a subsidiary of L&T Finance Holdings on Thursday said it has raised close to $ 100 million through the External Commercial Borrowing (ECB) route this fiscal, largely to fund solar power projects.

“We have raised $ 100 million through ECB route so far this fiscal, mostly to fund solar power projects,” L&T Head Financial Services, Mr Shiva Rajaraman, told PTI.

“The ECB borrowings have been done to lower the cost of our funds. The company has drawn $ 45 million till September 30, of the total ECB borrowings so far.

“The company’s consolidated net loan assets stood at Rs 8,790 crore as of September 30, 2011, out of which 37 per cent is in the power sector,” he said.

“Out of this 37 per cent, 14 per cent is in power infrastructure projects of coal and gas fired plants and remaining in the renewable energy projects,” he said. The company has disbursed Rs 2,847 crore in the first six months of this fiscal.

“We are focusing on solar, hydro and wind projects in the power sector now,” he said. The company’s total debt (secured and unsecured loans) stood at over Rs 7,600 crore as on September 30, 2011.

L&T Infra targets to mop up Rs 570 crore through tranche—II of the tax saving bonds having face value of Rs 1,000 each, at a lower coupon rate of 8.70 per cent.

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