India’s largest private power company Tata Power Ltd., 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. announced the 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 had signed a power purchase agreement for the project with Gujarat Urja Vikas Nigam Ltd. The Mithapur plant is one of the largest of its kind in the country and is now feeding power into the grid.
Managing Director Anil Sardana 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 Ltd, had recently 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 Ltd. acting as the sole financial advisor and arranger.
The project of around Rs.365 crore is being funded through a debt equity ratio of 70:30. The project financing comprises of equity of Rs.110 crore and rupee term loan of Rs.255 crore.
Tata Power plans to set up 300-MW of solar power capacity by 2017. It has so far executed a 3-MW solar PV plant at Mulshi, one of the largest grid-connected solar projects in 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 portfolio of more than 28 MW of solar and 375 MW of wind power, thereby becoming the largest renewable utility player in India.