Indian integrated power company Tata Power has secured finance for the development of its 95MW Tsitsikamma wind energy project in South Africa.
The SAR2.9bn ($292.4m) project is being developed by Tata’s South African joint venture company Cennergi formed with Exxaro. The Department of Energy, Government of South Africa had selected the company as a preferred bidder for the project earlier in 2012.
Funds for the project comprised debt equity mix of 75:25 with equity of SAR726 ($73m) and remaining SAR2179m ($219.3m m) in term loans, according to the company.
Commenting on the development, Cennergi chairman and Tat Power managing director Anil Sardana said: "The signing of the financing agreements is a significant milestone for the project, and we take this opportunity to thank our investors who have once again shown faith in Tata Power."
Earlier in June 2013, the company has secured financial closure for its other South African wind project, 135 MW Amakhala Emoyeni obtained through bidding process from South African government.