EDEN Renewables India raises $165Mn for 450MW solar power project

EDEN Renewables India has reportedly entered into a collaboration with Sumitomo Mitsui Banking Corporation, DBS Bank Ltd., and Standard Chartered Bank, raising a sum of USD 165 million for its 450-MW peak solar power project situated in Rajasthan.

According to Frederic Belloy, Executive Vice-President at EDF Renewables, the company is thrilled to have secured this new funding for its SEC III project, with its partner, Total Eren, through the company’s leading joint venture on the Indian solar market, EDEN Renewables India.

Belloy further stated that the secured financing carried out through the help of financial partners represents a prominent step in the delivery of its 450MWp project.

For this transaction, Chatham Financial Europe served as the hedge benchmark advisor to EDEN, with L&L Partners Law Offices and Herbert Smith Freehills as the company’s legal advisors.

Presently under construction in Rajasthan, the project was awarded to EDEN within the context of a tender that was rolled out by SECI (Solar Energy Corporation of India), after which EDEN inked a PPA (power purchase agreement) with the corporation in June 2019.

As expressed by Sudhir Verma, CEO of EDEN Renewables India, the company has successfully reached the financial closure of its SECI III Solar Farm. He highlighted that this represents another success for EDEN and a remarkable moment for the development of renewable energy in the country.

Verma has further stated that EDEN is excited to deliver its expertise in high-scale solar photovoltaic farms for contributing towards a low-carbon environment, which is in alignment with India’s objective of achieving 40% of the non-fossil fuel generation by 2030.

EDEN Renewables India was established as a joint venture between EDF Renewables and Total Eren in 2016 for the purpose of developing and operating solar photovoltaic projects in India. As of 2021, the enterprise has around 207 MWp operating solar plants, 450 MWp of projects under construction, and more than 1,600 MWp under development and awaiting commission by 2022.

Source credit: https://www.financialexpress.com/industry/eden-renewables-india-secures-165-million-finance-for-450-mw-solar-project/2179943/