Tata Power, the country’s largest integrated power company, has tied up funds for the 95 MW Tsitsikamma wind energy project located in South Africa, which is estimated to cost about Rs 1,750 crore. Cennergi tied up entire debt requirement for the project through Nedbank.
The project is being implemented by Cennergi, an equal joint venture between Tata Power and South Africa’s Exxaro Resources. The project of approximately Rand 2,905 million around Rs 1,750 crore is being funded through a debt-equity mix of 75:25. The project financing comprises of equity of Rand 726 million and term loans of Rand 2179 million.
The signing of financing agreements was completed on June 5, 2013. The company also completed pre-disbursement conditions under the financing agreements for availing interim disbursement and received the first loan disbursement on June 28, 2013.
