Total Eren and EDF Renouvelables, two world leaders in renewable energy, have annoucned that EDEN Renewables India (EDEN), the companies’ equally owned joint venture dedicated to large-scale Indian solar photovoltaic (PV) projects, has successfully secured financial close for its 450 MWp SECI III solar PV project, with a group of three major international banks.
The SECI III project has been successfully financed through a green limited recourse project term loan of US$165 million, which has been provided by DBS Bank Ltd, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation (Singapore Branch).
For this transaction, EDEN was advised by Herbert Smith Freehills and L&L Partners Law Offices as legal advisors, and Chatham Financial Europe as hedge benchmark advisor.
The project, currently under construction in Rajasthan, Northern India, was awarded to EDEN within the context of a tender launched by the Solar Energy Corporation of India (SECI), following which EDEN signed a Power Purchase Agreement (PPA) with SECI in June 2019. The project’s commissioning is expected towards 1H2021.
Sudhir Verma, Chief Executive Officer of EDEN, said: “I am very pleased that we have successfully reached the financial close of our SECI III solar farm. This is one more success for EDEN and a significant moment for the development of renewable energy in India. At EDEN, we are eager to provide our expertise in high-scale solar PV farms to contribute to a low-carbon environment in India, in line with the country’s objective to achieve 40% of non-fossil fuel generation by 2030.”