The European Investment Bank (EIB) is planning to provide a loan of $52 million (about Rs. 340 crore) to Adani Group’s solar projects with 288 MW capacity in Tamil Nadu.
The loan will be for two photovoltaic power plants of 216 MW and 72 MW being developed under different special purpose vehicles, but part of the same project, EIB said in its website. The loans would be given to Adani Green Energy (Tamilnadu) Ltd, a unit of the Adani Group.
The total project is worth $271 million (about Rs. 1,748 crore) and located in Ramanathapuram district.
EIB said the financial arrangement is part of State Bank of India’s solar power framework loan. In March, EIB had extended a Rs. 1,400 crore 20-year long-term loan to State Bank of India to fund large-scale solar power projects. Projects in Tamil Nadu and Telangana are among those to be funded under the agreement, following technical and financial due diligence, as per the pact between the two institutions.