India: EDEN Renewables India achieves Financial Close of a 450 MWp solar PV project (Jan 2021)

Total Eren and EDF Renouvelables, two world leaders in renewable energy, are pleased to announce that EDEN Renewables India (“EDEN”), their equally owned joint venture dedicated to large-scale Indian solar photovoltaic (PV) projects, has successfully secured Financial Close for its 450 MWp1 SECI III solar PV project, with a group of three major international banks. The SECI III project has been successfully financed through a green limited recourse project term loan of USD 165M provided by DBS Bank Ltd, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation (Singapore Branch). For this transaction, EDEN was advised by Herbert Smith Freehills and L&L Partners Law Offices as legal advisors, and Chatham Financial Europe as hedge benchmark advisor. The project, currently under construction in Rajasthan, Northern India, was awarded to EDEN within the context of a tender launched by the Solar Energy Corporation of India (SECI), following which EDEN signed a Power Purchase Agreement (PPA) with SECI in June 2019. The project’s commissioning is expected towards the first half of 2021.