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
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.