Total Eren, EDF reach fin close on 450-MWp Indian solar project

Paris-based independent power producer Total Eren SA and EDF Renouvelables, of the Electricite de France SA group (EPA:EDF), have achieved financial close on a 450-MWp solar project in India.

Through its 50/50 joint venture (JV) Eden Renewables India, the duo has secured a USD-165-million (EUR 136m) green limited recourse term-loan from DBS Bank Ltd, Standard Chartered Bank and the Singaporean arm of Japan’s Sumitomo Mitsui Banking Corporation. The debt is tied to the SECI III project, Eden Renewables said on Wednesday.

The photovoltaic (PV) park is currently under construction in Rajasthan state and is planned to become operational in the first half of this year. Total Eren and EDF won the project in a tender held by the Solar Energy Corporation of India (SECI) and signed a power purchase agreement (PPA) in June 2019.

Herbert Smith Freehills and L&L Partners Law Offices were Eden Renewables’ legal counsellors in the financing deal, while Chatham Financial Europe was a hedge benchmark advisor.

The New Delhi-based JV has been developing and operating solar power assets in India since 2016. So far, it has put on stream 207 MWp of solar plants and also has 450 MWp under construction and over 1,600 MWp under development. Its goal is to lift its installed capacity to 2,200 MWp by 2022.

(USD 1.0 = EUR 0.824)

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