SunBorne Energy has tied up funds to the tune of Rs 140 crore from domestic banks for its 15 MW solar photovoltaic plant in Gujarat.
State Bank of Patiala, the lead bank, with three other banks — Export-Import Bank of India, Canara Bank and State Bank of Travancore — participated in the debt programme. The debt advisory was led by SBI Capital Market Ltd.
Mr James Abraham, Managing Director and CEO, SunBorne, said the support from Indian banks demonstrates their increasing confidence in the solar industry.
Indian commercial banks are lending cautiously to projects in the solar sector because large-scale projects are being commissioned for the first time in India, Mr Anil Nayar, Executive Director and CFO, SunBorne, said.
The company plans to commission the project before the end of this year. The plant will provide 15 MW of photovoltaic power, producing enough electricity annually to power more than 10,000 households.