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Bhanshali’s Talma Chemical Completes India Solar-Power Facility

Jan. 17 (Bloomberg) -- A unit of Talma Chemical Industries Pvt., owned by the family of Indian investment banker Vallabh Bhanshali, has completed a 25-megawatt solar power plant.

It was built with photovoltaic panels from Hanwha SolarOne Co. and China Sunergy Co., and funds from State Bank of India, Visual Percept Solar Projects Pvt. said in a statement e-mailed today. The plant, in the Surendranagar district of Gujarat, has signed a 25-year agreement to sell power to the state’s utility.

The project cost, undisclosed by the unit, was expected to be 3.3 billion rupees ($65 million), ICRA Ltd., owned by Moody’s Investors Service, said when it assigned a BB+ rating to 2.31 billion rupees of the solar company’s debt in August.

Power-One Inc., based in Camarillo, California, supplied the inverters for the project. The engineering and procurement contractor was Sterling and Wilson Group, Visual Percept said.

Vallabh Bhanshali co-founded Enam Securities Pvt., which was bought by Axis Bank Ltd. in November 2010.

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

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