DBS Bank, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation (Singapore Branch) have signed a US$165 million loan on a photovoltaic project in India. New Delhi-based EDEN Renewables India announced that financial close on its SECI III large-scale PV project was reached on January 27.
SECI III is being financed through a green limited recourse project term loan. EDEN was advised by Herbert Smith Freehills and L&L Partners Law Offices as legal advisers, and Chatham Financial Europe as hedge benchmark adviser.
The project, currently under construction in Rajasthan, northern India, was awarded to EDEN under a tender launched by the Solar Energy Corporation of India (SECI), following which EDEN signed a power purchase agreement with SECI in June 2019. Commissioning of the 450MW plant is expected towards the first half of 2021.
EDEN Renewables India was founded in 2016 as an equally owned joint venture between Total Eren and EDF Renewables to build and operate solar photovoltaic projects across India. As of 2021, the company has 207MW operating solar plants, 450MW under construction, and over 1,600MW under development and due for commission by 2022. During the first half of 2020 the company was among the top three Indian solar tender winners.
"The Indian renewable energy market offers a high growth potential and we are determined to provide an electricity which is both sustainable and low carbon, in line with the Indian government’s objective to increase the part of renewables in India," says Laurence Juin, chief financial officer of Total Eren.
India has an objective, stated at the 2015 United Nations Climate Change Conference (COP 21), to achieve 40% of non-fossil fuel generation by 2030.
EDF Renewables is a leading international player in renewable energies, with gross installed capacity of 13.2GW worldwide. It develops, builds, operates and maintains renewable energies projects, both for itself and for third parties. Its development is mainly focused on wind and solar photovoltaic power. EDF Renewables operates mostly in Europe and North America but is continuing to grow by moving into promising emerging regions such as Brazil, China, India, South Africa and the Middle East.
Total Eren was founded in 2012 by Paris Mouratoglou and David Corchia. Since December 2017, energy major Total SA has been a shareholder.
Total Eren develops, finances, builds and operates renewable energy power plants (solar, wind and hydro) representing a gross capacity of more than 3,300MW in operation or under construction worldwide. Through partnerships with local developers, Total Eren is currently developing numerous energy projects in Europe, Central and South Asia, Asia-Pacific, Latin America and Africa. The objective is to achieve a global gross installed capacity of more than 5GW by 2022.