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Accident – Death – Obituary News : : 1. “Tata Power clean energy projects loan”
2. “Tata Power $1 billion loan clean energy”
Tata Power Co., an Indian power generation firm, is looking to secure up to $1 billion for clean energy projects, potentially making it the largest local currency loan in India this year. The company, a unit of Tata Group, is in discussions with lenders like State Bank of India, IndusInd Bank, Axis Bank, and ICICI Bank for the loan. This initiative aligns with India’s goal to significantly increase its green power capacity by 2030. Tata Power aims to expand its renewable generation capacity by nearly four times by 2027. The loan, expected to be finalized in the next few months, will support the company’s $1.6 billion investment in pumped hydro storage projects.
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Tata Power Co. set to secure $1 billion for clean energy projects
Indian power generation firm Tata Power Co. is in the process of raising up to $1 billion for clean energy projects, marking a significant milestone in the country’s renewable energy sector. The company, a unit of Tata Group, one of India’s largest conglomerates, is currently in discussions with several leading lenders including State Bank of India, IndusInd Bank, Axis Bank, and ICICI Bank for the loan.
Largest local currency loan in India
If the deal is finalized, it would be the largest local currency loan in India this year, surpassing the previous record of $365 million set by Assam Bio Refinery Pvt. in February. The funds raised will be used to support Tata Power’s $1.6 billion investment in developing clean energy projects, specifically pumped hydro storage.
Ramping up clean energy efforts
India has set ambitious targets to nearly triple its green power capacity by the end of the decade, prompting companies like Tata Power, Adani Green Energy Ltd., and Reliance Industries Ltd. to ramp up their efforts in the renewable energy space. Tata Power is aiming for a near fourfold increase in its renewable generation capacity by 2027.
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Finalizing credit lines
The loan agreement with the lenders is expected to be finalized in the next three to six months, with disbursements taking place in tranches based on project development milestones. The loan may be priced over local benchmarks such as the Reserve Bank of India’s repo rate or treasury bills. Negotiations are ongoing, and details of the deal are subject to change.
Both Tata Power and the banks involved have not provided any comments on the matter, keeping the details confidential until the agreement is officially confirmed.
Overall, this development signals a positive step towards accelerating the growth of clean energy projects in India, with Tata Power leading the way in sustainable energy generation.
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