The company has achieved financial closure of debt for Rs 140 crore, which was required for its 15 MW photovoltaic (PV) plant in Gujarat. It is one of the earliest, large-scale non-recourse project finance led by Indian lenders. The State Bank of Patiala, Export-Import Bank of India, Canara Bank and State Bank of Travancore participated in the debt programme.James Abraham, MD and CEO, SunBorne Energy, said that support from Indian banks on the company's project demonstrates increasing confidence in the solar industry, which is good news for the industry and will lend a lot of confidence to the industry. Banks are lending cautiously to projects in the solar sector due to large-scale projects being commissioned for the first time in India and they are trying to gain a better understanding of the technology risk and understand the execution capability of developers.Contact: SunBorne EnergyTel: +91 124 475 0600Web: www. sunborneenergy.com
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