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					</table><p>The Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) has invited bids from scheduled commercial banks or financial institutions for a term loan of ₹10 billion (~$120.24 million) to develop a 300 MW solar power project in the Ramagiri village of Sri Satya Sai District in Andhra Pradesh.</p>
<p>The loan must be on a single/multiple bank lending basis at a competitive rate of interest for 20 years, including a moratorium of two years. The minimum amount to be offered by the bank must be ₹2.5 billion (~$30.06 million) and in multiples of ₹2.5 billion (~$30.06 million) thereafter.</p>
<p>The approved loan must be disbursed within two years of signing the loan agreement.</p>
<p>The last date to submit the proposals is January 21, 2024.</p>
<p>SECI was awarded the contract to develop 1.2 GW solar projects by the Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) with a viability gap funding (VGF) of ₹4.47 million (~$53,748)/MW under the Central Public Sector Undertaking Program Phase-II.</p>
<p>Out of the total capacity, 300 MW was proposed to be developed in Ramagiri, Andhra Pradesh. SECI had <a href="https://www.mercomindia.com/seci-invites-bids-for-300-mw-in-andhra-pradesh" target="_blank" rel="noopener">floated</a> the tender for the designing, engineering, testing, and commissioning of this project in April this year.</p>
<p>The total project cost is estimated to be ₹14.19 billion (~$174.23 million), including interest during construction and subtracting the solar park subsidy from the Ministry of New and Renewable Energy. The capital expenditure for the project is proposed to be funded at a debt-equity ratio of 70:30, variable up to 75:25.</p>
<p>SECI plans to meet the equity from internal accruals/VGF to be received from IREDA and the debt requirement through term loans from banks.</p>
<p>The power generated from the project will be sold to the Madhya Pradesh Power Management Company at ₹2.57 (~$0.031)/kWh.</p>
<p>SECI has identified 907.87 acres of land for the project, out of which it has taken possession of 899.43 acres.</p>
<p>It has also received in-principle approval of connectivity for the 300 MW solar project at 220 kV level of Pavagada, 400/220 kV Central Transmission Utility Substation.</p>
<p>SECI recently <a href="https://www.mercomindia.com/seci-subsidy-october-2023" target="_blank" rel="noopener">paid</a> solar and wind power producers ₹10 billion (~$120.24 million) for the energy purchased in October 2023.</p>
<p>It recently <a href="https://www.mercomindia.com/seci-1-gw-ists-connected-solar-projects" target="_blank" rel="noopener">issued</a> a tender to select solar power developers for setting up 1 GW inter-state transmission system-connected solar projects (Tranche XII) in India.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of the real-time tender activity.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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SECI Invites Proposals for ₹10 Billion Term Loan for 300 MW Solar Project


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					</table><p><a href="https://www.ntpc.co.in/" target="_blank" rel="noopener">NTPC</a> has invited bids to raise external commercial borrowing (ECB) in the form of Tokyo Overnight Average Rate (TONA)-linked unsecured term loan in Japanese Yen (JPY) equivalent to $150 million (~₹12.4 billion) plus a greenshoe option of JPY equivalent to $600 million (~₹49.6 billion).</p>
<p>The proposed facility is being raised under the automatic route as permitted under the ECB guidelines of the Reserve Bank of India.</p>
<p>The last date to submit the bids is March 1, 2023. Bids will be opened on the same day.</p>
<p>Banks or financial institutions can submit bids individually or with other banks or financial institutions in a consortium of not more than three financial institutions. In the case of a consortium, the minimum underwriting commitment should be $50 million (~$4.1 billion).</p>
<p>The loan proceeds will be utilized toward capital expenditure for ongoing and new capacity addition programs and renewable energy projects, including hydro, coal mining, and refinancing existing ECBs.</p>
<p>The average maturity period of the loan will be seven years, and the door-to-door maturity will be ten years.</p>
<p>The repayment of loans will be in seven equal installments starting from the fourth year.</p>
<p>The loan should be unsecured, without any guarantee or letter of comfort from the government of India.</p>
<p>The leverage ratio of the loan should not be higher than 2:1, and the interest-serving coverage ratio should not be lower than 1.75:1.</p>
<p>As per the tender documents, NTPC retains the right to enter any hedge transaction about the proposed facility with any one or more banks of its choice.</p>
<p>Also, by giving at least 15 days of prior notice to the lender, the borrower may prepay the loan on any interest payment date in full or in part.</p>
<p>The signing of the agreement is expected to be completed on or before March 31, 2023, or any other date agreed upon by the company.</p>
<p>In 2021, NTPC had <a href="https://mercomindia.com/ntpc-raise-term-loan/" target="_blank" rel="noopener">invited</a> offers from banks and financial institutions to raise ₹50 billion (~$672 million) as rupee term loans.</p>
<p>Earlier, NTPC had <a href="https://mercomindia.com/ntpc-signs-482-million-loan/" target="_blank" rel="noopener">entered</a> into a foreign currency loan agreement with the Japanese government’s financial institution, the Japan Bank for International Co-operation.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real-time.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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NTPC Invites Bids to Raise up to $750 Million in External Commercial Borrowing

<p><a href="https://www.canadiansolar.com/en" target="_blank" rel="noopener noreferrer">Canadian Solar</a> has secured a $50 million term loan from Credit Suisse. Canadian Solar intends to deploy the term loan to support the development of international solar project pipeline and for general corporate purposes.</p>
<p>The U.S. dollar-denominated term loan is expected to mature in April 2021. Credit Suisse further provided Canadian Solar with a cross-currency interest rate swap to hedge its cross-currency interest rate liabilities relating to the term loan.</p>
<p>Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, &#8220;We are pleased with this strong demonstration of capital support from Credit Suisse. This term loan provides us with the financial flexibility to invest in growth and further improve our cost of capital.&#8221;</p>
<p>Meanwhile, <a href="https://recurrentenergy.com/" target="_blank" rel="noopener noreferrer">Recurrent Energy, LLC</a>, a wholly owned subsidiary of Canadian Solar has sold its equity stake in the 100 MW Mustang solar project to the Renewable Power Group of Goldman Sachs Asset Management, L.P. This transaction completes Recurrent Energy&#8217;s sale of equity stakes in the 973 MW portfolio of California solar projects that came online in 2016. The company expects to recognize the sales revenue from Mustang in the second quarter of 2019.</p>
<p>&#8220;We are thrilled to partner with Goldman Sachs on the sale of the Mustang solar project, and this transaction again demonstrates Canadian Solar&#8217;s ability to attract top tier investors,&#8221; said Dr. Qu.</p>
<p><a href="https://mercomindia.com/canadian-solar-48-million-credit-expansion/" target="_blank" rel="noopener noreferrer">Recently</a>, Canadian Solar Projects K.K, a wholly owned subsidiary of module supplier Canadian Solar, announced the renewal of a credit facility. The credit facility was made available through a syndicate of four finance and leasing institutions, led by Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL). The company intends to utilize the credit extension facility to develop more high-quality solar power projects in Japan.</p>
<p>In 2018, the firm acquired 51% stake in two solar power projects of Suzlon Energy with 15 MW capacity each in <a href="https://mercomindia.com/canadian-solar-buys-30-mw-solar-suzlon/" target="_blank" rel="noopener noreferrer">Telangana</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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Canadian Solar Secures $50 Million Term Loan from Credit Suisse

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