Tata Power Seeks $1 Billion Loan For Clean Energy Projects
Date
5/24/2024 2:18:38 PM
(MENAFN- KNN India) New Delhi, May 24 (KNN) Tata Power Co., a major Indian power generation firm, is in talks to raise up to USD 1 billion in an Indian rupee-denominated loan to fund clean energy investments.
The planned borrowing would be the largest such loan in India so far this year.
The Tata Group company is discussing the loan with banks including State bank of India, IndusInd Bank, Axis Bank, and ICICI Bank, according to people familiar with the matter.
The funds would go towards Tata Power's previously announced USD 1.6 billion investment into pumped hydro storage projects.
If successful, the loan deal would surpass Assam Bio Refinery's USD 365 million loan from February as the biggest Indian rupee loan of 2024 to date.
Tata Power aims to finalise the loan terms with lenders over the next three to six months, with funds disbursed in tranches as the renewable projects progress.
The interest rate is expected to be benchmarked against Indian central bank rates.
The planned mega loan highlights Tata Power's major push into clean energy as India works to nearly triple its renewable power capacity this decade.
Major corporations like Tata, Adani, and Reliance are driving this green energy expansion.
(KNN Bureau)
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