Mahindra, Kiran Get $57 Million Loan for Solar Project

Mahindra & Mahindra Ltd. (MM) and Kiran Energy Solar Power Pvt. will get a $57 million loan from the U.S. Export-Import Bank for a solar power plant in India’s Rajasthan state.

The board of the Washington-based lender has approved the loan for the 50-megawatt solar project under development by Kiran and Mahindra Solar One, said Ardeshir Contractor, managing director and chief executive officer of Kiran. Mahindra Solar One is a venture between Kiran and India’s biggest maker of sports-utility vehicles.

The 14-year loan will have a fixed rate based on the prevailing U.S. Treasury bond rate, Contractor said in an e-mail late yesterday.

Kiran, whose investors include Bessemer Venture Partners, an early funder of Skype Technologies SA, has completed a 20- megawatt solar photovoltaic plant in Gujarat state. Mahindra Solar One and Kiran also built a five-megawatt project in Rajasthan state.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.