Indian electric utility firm Tata Power, through its joint venture company Exxaro, Cennergi, has secured financial closure for its 95MW Tsitsikamma wind farm project in South Africa.
This wind power project is accounted to be around ZAR 2905m ($292.5m) and is being funded through a debt equity mix of 75:25.
Meanwhile, the company was selected as the preferred bidder for the Amakhala wind farm project and the 95MW Tsitsikamma wind farm project by the Department of Energy, Government of South Africa in 2012.
Earlier in June 2013, the company secured financial closure for its 135MW Amakhala Emoyeni wind farm project.
These wind projects, which will be located in Eastern Cape, South Africa, are anticipated to become operational in 2016.
The electricity generated at these wind power facilities will be purchased by Eskom and Department of Energy, Government of South Africa, under power purchase agreements and implementation agreements.
Tata Power chairman Cennergi & managing director Anil Sardana said the signing of the financing agreements is a key milestone for the project.
Cennergi is 50:50 joint venture between South Africa’s Exxaro Resources and Tata Power.