Financial close and first disbursement has been reached on Reliance Power’s 40 MW Dahanu solar power project in Rajasthan, India. US Ex-Im Bank, advised by Portland Advisers, has provided a US$ 65.3 million direct loan to Dahanu Solar Power Private Limited, a wholly-owned subsidiary of Reliance Power Limited, with the Asian Development Bank as co-lender providing a loan of US$ 48 million.
Unlike the majority of the solar projects being developed under India’s National Solar Mission programme which sells power to NVVN, this project has an offtake contract with Reliance Infrastructure Limited which owns regulated electricity distribution companies in Delhi and Mumbai.
Geoff Knox, Portland’s Head of Energy & Mining, said: “This is Portland’s first Solar PV financing in India. We are pleased to be associated with India’s fast-growing renewable energy market with respect to both photovoltaic (PV) and concentrating solar power (CSP) technologies.”
The $147.5 million Dahanu project is located180 km west of the city of Jodhpur, an area with one of the highest levels of solar irradiation in India. That, plus the arid, barren landscape of that part of the state, means it is an ideal location for the 350-acre plant that comprises 500,000 solar panels.
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