The power major aims to deploy the fund on its planned $1.6bn pumped hydro storage projects in Maharashtra
Tata Power Is Seeking A Record Loan Of Up To $1bn To Finance Its Clean Energy Projects, Potentially The Highest In The Current Year. The Company Is Negotiating With Several Lenders, Including The State Bank Of India, Indusind Bank, Axis Bank, And ICICI Bank. The Loan Is Intended To Support Tata Power's $1.6bn Investment To Develop Pumped Hydro Storage Projects In Maharashtra. The Loan Structure Could Be A Bilateral Agreement Or A Syndicated Facility.
Tata Power Expects To Finalise Credit Arrangements Within The Next Three To Six Months. The Funds Will Be Disbursed As The Project Progresses. Loan Pricing May Be Set Above Benchmarks Like The Reserve Bank Of India's Repo Rate. India Aims To Nearly Triple Its Renewable Energy Capacity By The End Of The Decade.
Companies Like Tata Power, Adani Green Energy, And Reliance Industries Are Increasing Their Renewable Energy Footprints With Tata Power Itself Aiming To Expand Its Renewable Generation Capacity By Almost Four Times By 2027. Earlier This Year, Tata Power Renewable Energy Ltd (TPREL) Signed An Agreement With The Government Of Gujarat To Construct 10GW Of Renewable Energy Projects In The State, Covering An Area Of 50,000 Acres. These Projects Are Expected To Create Employment For 3,000 Individuals And Have An Investment Potential Of Rs700bn ($9.4bn).