Tata Power Co., one of India’s biggest non-state generators, will order equipment for a 3.65 billion-rupee ($68 million) solar project from panel suppliers including Suntech Power Holdings Co.
Suntech, the world’s biggest panel maker, Canadian Solar Inc. and Tata BP Solar Ltd. will supply the 25-megawatt plant in western Gujarat state with crystalline silicon-based modules, the Mumbai-based utility said in an e-mail today.
The project in Mithapur has received financing from local banks led by State Bank of India and Export-Import Bank of India. The banks will fund 70 percent of the project with rupee term loans, Tata Power said.
The company declined when asked to provide further details on the loans and interest rate.
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