Eden Renewables India (ERI) which is a joint venture of French Developers Total Eren and EDF Renewables has secured around 165 million US dollars (around INR 1200-crore) for its 450 MW solar project in Rajasthan.
The project has raised the fund with a group of three major international banks, DBS Bank Ltd, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation (Singapore Branch).
Solar Energy Corporation of India (SECI) awarded this project to Eden (ERI) in it’s one of the auctions. Currently, this project is under construction in Rajasthan. In June 2019, SECI signed the PPA (power purchase agreement) with Eden. This power project is expected to be commissioned by June/July of 2021.
The chief executive officer of Eden Renewables India, Mr. Sudhir Verma said, “ This is one more success for EDEN and a significant moment for the development of renewable energy in India. At Eden (ERI), we are eager to provide our expertise in high-scale solar PV farms to contribute to a low carbon environment in India, in line with the country’s objective to achieve 40% of non-fossil fuel generation by 2030.”
Laurence Juin, who is currently the Chief Financial Officer of Total Eren, added to Mr. Sudhir Verma’s statement, “This successful financial close reflects the ongoing interest and trust of the lenders in the Indian renewable energy market and its promising prospects. By partnering today with such a high-quality financial consortium, we look forward to pursuing our project’s construction along with our partner EDF Renewables and through our joint-venture Eden Renewables India, which plays a key role in achieving our local ambitions and has positioned itself in the Top 3 of Indian solar tender winners during the first semester of 2022.”
Eden Renewables India was founded in 2016 as a joint venture between Total Eren and EDF Renewables to build and operate solar photovoltaic projects across India. As of 2021, the company has 207 MWp operating solar plants, 450 MWp under construction, and over 1,600 MWp under development and due to commission by 2022.
Resource PV Magazine
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