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Solar projects developer SunBorne Energy has roped in European company Eoxis Energy as a partner in its Gujarat project. With this, Eoxis owns 49 per cent equity in SunBorne’s 15 MW solar photovoltaic (PV) project in Gujarat.
Mr Anil Nayar, Executive Director and CFO, SunBorne, told Business Line that, “the equity requirement for the project is Rs 70-80 crore and the partner has put its share of the 49 per cent interest.”
The overall project cost was approximately Rs 225 crore when SunBorne took the debt. In August, SunBorne raised funds to the tune of Rs 140 crore from domestic banks.
The project is expected to be operational by December 2011 and falls under the solar programme of the State Government. The plant will produce enough electricity annually to power more than 10,000 households.
The project shall also generate carbon credits under the clean development mechanism of United Nations Framework Convention on Climate Change. The mechanism allows companies undertaking clean technology projects to sell the reduction in emissions to developed countries.
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