EDEN Renewables India, a joint venture of Total Eren and EDF Renouvelables, has successfully secured financing for its 450 MWp SECI III solar PV project. The said project has recently received a green limited recourse project term loan of $165 million from a group of three major international banks – DBS Bank Ltd, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation (Singapore Branch).
The project was awarded to EDEN by the Solar Energy Corporation of India (SECI) as a result of an auction. EDEN then signed a Power Purchase Agreement (PPA) with SECI in June 2019. The project is currently under construction in the northern state of Rajasthan and is expected to be commissioned by the first half of 2021.
Sudhir Verma, CEO of EDEN Renewables India, said: “I am very pleased that we have successfully reached the financial close of our SECI III Solar Farm. This is one more success for EDEN and a significant moment for the development of renewable energy in India. At EDEN, we are eager to provide our expertise in high scale solar PV farms to contribute to a low carbon environment in India, in line with the country’s objective to achieve 40 % of non-fossil fuel generation by 2030.”
EDEN Renewables India was founded in 2016 to build and operate solar PV projects across India. As of 2021, the company has 207 MWp operating solar plants, 450 MWp under construction, and over 1,600 MWp under development. EDEN Renewables India aims to increase its installed capacity to 2,200 MWp by 2022.