India’s leading renewable energy project developer, Tata Power, has received approval from its shareholders to raise up to ₹55 billion (~$801.11 million) through the issuance of non-convertible debentures on a private placement basis, reported PTI.

This resolution was passed in Tata’s annual general meeting (AGM). The AGM, in its consent to the board, announced “to subscribe to cumulative, non-cumulative, listed or unlisted, redeemable non-convertible debentures (NCDs) aggregating to an amount not exceeding ₹55 billion (~$801.11 million) or its equivalent in one or more currencies on private placement basis, in one or more series or tranches”.

The company now plans to borrow the amount within 12 months of the passage of this resolution. The bond will be re-payable in the next 12 months coupled with the loans taken for the acquisition of Walwhan Renewable Energy Ltd. The company also announced that the long-term borrowings as of March 31, 2018, stood at about ₹123 billion (~$1.79 billion).

Recently, Mercom reported that Tata Power’s Q1 FY2018-2019 revenue was up 16 percent at ₹71.39 billion (~$1.04 billion), compared to ₹61.66 billion (~$0.09 billion) in Q1 FY2018. Standalone revenue stood at ₹18.44 billion (~$0.27 billion) as compared to ₹18.50 billion (~$0.27 billion) the previous quarter.

Renewables continue to report a strong EBITDA of ₹5.80 billion (~$ 0.084 billion) despite lower EPC sales. During the quarter, the company added 100 MW of capacity and won new renewable bids worth 400 MW.

According to the latest report released by Mercom India Research – India Solar Market Leaderboard 2017 – in the calendar year 2017, the top 10 rooftop solar developers in India accounted for 27 percent of rooftop solar PV installations. Tata Power was the top installer in 2017, followed by CleanMax and Fourth Partner Energy.  Currently, Tata Power has ~1.35 GW of installed solar capacity.