SunBorne Energy achieves fin closure for 15MW pv solar plant

The plant is estimated to commission before December 31,the release said.

Solar power developer SunBorne Energy said it has achieved financial closure for its debt requirement of Rs 140 crore for 15 MW photo-voltaic plant in Karmaria,Gujarat.

Financial closure has been reached with four banks including State Bank of Patiala,Export-Import Bank of India,Canara Bank and State Bank of Travancore,while the debt advisory was led by SBI Capital Market Limited (SBICAPS),the company said in a statement issued.

“The support from Indian banks demonstrates their increasing confidence in the solar industry,” the company’s Managing Director and CEO James Abraham,said.

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Though there is enormous potential to install solar power in India,bankability and financing has been a key concern for many project developers,SunBorne’s Executive Director and CFO Anil Nayar,said.

“With Indian banks coming forward to fund solar projects,the prospect for the second phase of National Solar Mission and other state projects only look brighter. The industry is going to flourish and add back to the Indian economy with more such financing deals,” he said.

The plant is estimated to commission before December 31,the release said adding that the power generated would be enough to electrify more than 10,000 households. The project would also generate carbon credits under the CDM mechanism of UNFCCC,it said.