New Delhi/Paris, January 27, 2021 – Total Eren and EDF Renewables, two global leaders in renewable energy, are pleased to announce that EDEN Renewables India (“EDEN”), their equally owned joint venture dedicated to solar photovoltaic (PV) projects in India, has secured with successful financing of its SECI III solar PV project (450 MWp[1]) with three leading international banks.
The financing of the SECI III project was successfully finalized with the establishment of a “green loan” limited recourse of $165 million, provided by DBS Bank Ltd, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation (Singapore Branch).
As part of this transaction, EDEN was advised by Herbert Smith Freehills and L&L Partners Law Offices (legal advisors), and Chatham Financial Europe (reference on rate hedging).
The project, currently under construction in Rajasthan, northern India, was won by EDEN as part of a call for tenders organized by the Solar Energy Corporation of India (“SECI”), following from which EDEN signed a Power Purchase Agreement (PPA) with SECI in June 2019. The project is expected to be commissioned during the first half of 2021.
Sudhir Verma, Managing Director of EDEN Renewables India, said : “I am delighted to have finalized the financing of our SECI III solar power plant, another success for EDEN and a key step for the development of renewable energies in India. With the EDEN teams, we are committed to deploying our expertise in large-scale solar PV plants to contribute to a low-carbon environment in India, in line with the country's objective of reaching 40% of energy production. non-fossil energies by 2030.
Laurence Juin, Financial Director of Total Eren, commented : “The successful completion of this financing reflects the continued interest and confidence of lenders in the Indian renewable energy market. By joining forces today with such a high-quality financial consortium, we look forward to continuing the construction of our project with our partner EDF Renewables through our joint subsidiary EDEN Renewables India, which plays a key role in achieving our ambitions on a local scale and which rose to the Top 3 of groups having won Indian solar calls for tenders in the first half of 2020[2]. The Indian renewable energy market offers strong growth potential and we are committed to providing electricity that is both sustainable and low-carbon, in line with the Indian government's objective of increasing the share of renewables in India. »
Frederic Belloy, Executive Vice-President, International Operation of EDF Renewables, said : “ NOTWe are delighted to have reached this new milestone for the SECI III project, with our partner Total Eren, through our joint venture EDEN Renewables India, which is among the leaders in the Indian solar market. Securing this financing carried out with our financial partners is a major step forward in the realization of our 450 MWp photovoltaic project. We are now fully mobilized to achieve its commissioning. SECI III as well as our recent successes representing 1,300 MWp of new projects, demonstrate EDF Renewables' desire to contribute to achieving India's ambitions in renewable energies. »
[1] 300 MWac
[2] BloombergNEF, September 2020
About EDEN Renewables India
EDEN Renewables India was founded in 2016 as a joint venture between EDF Renewables and Total Eren, to build and operate solar photovoltaic projects across India. In 2020, the company has 207 MWp of solar power plants in operation, 450 MWp under construction, and more than 1,600 MWp under development and expected to be commissioned by 2022. Quality and safety are the company's priorities. 'EDEN Renewables India which is dedicated to increasing its installed capacity to 2,200 MWp by 2022. EDEN Renewables is participating in India's commitments to reach 40 % of non-fossil fuel production by 2030, made during the 2015 United Nations Climate Change Conference (COP 21).
For more information, visit: www.eden-re.com
Follow us on LinkedIn: https://www.linkedin.com/company/eden-renewables-india-llp
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About EDF Renewables
EDF Renewables is an international leader in renewable electricity with an installed capacity of nearly 13.2 GW gross worldwide. Its development is mainly focused on wind power and photovoltaic solar power. Mainly present in Europe and North America, EDF Renewables continues its development by taking a position in promising emerging markets such as: Brazil, China, India, South Africa and the Middle East. The Company, which is strongly positioned in the offshore wind sector, is also present in other renewable energy sectors such as energy storage. EDF Renewables ensures the development and construction of renewable energy projects as well as their operation and maintenance, for its own account and on behalf of third parties. EDF Renouvelables is the subsidiary of the EDF group dedicated to the development of solar and wind energy.
For more information : www.france.edf-powersolutions.com
Follow us on Linkedin and on Twitter @EDF_RE in French and @EDF_Renewables in English.
PRESS CONTACT
Manon of Cassini-Hérail
T: +33 (0)1 40 90 48 22 / E: manon.decassini-herail@edf-re.fr
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About Total Eren
Founded in 2012 by Pâris Mouratoglou and David Corchia, Total Eren develops, finances, builds and operates renewable energy plants (wind, solar, hydro) representing a gross capacity of more than 3,300 MW in operation or under construction worldwide. . Thanks to partnerships with local developers, Total Eren is currently developing numerous projects in countries and regions where renewable energies represent an economically viable response to growing energy demand, particularly in Europe, Central and South Asia, and Asia Pacific. , in Latin America and Africa. The objective is to achieve a global gross installed capacity of more than 5 GW by 2022. Since December 2017, Total SA, a leading player in the energy sector, has been a shareholder of Total Eren.
For more information: www.total-eren.com
Follow us on Linkedin: https://www.linkedin.com/company/total-eren
PRESS CONTACTS
Solange Petit de Bantel, Communications and Institutional Affairs Officer
T: +33 1 58 97 58 07 / M: + 33 6 18 23 76 99 / E: solange.debantel@total-eren.com
Laura de Carné, Lambert Volpi (Brunswick Group)
T: +33 1 53 96 83 83 / E: eren@brunswickgroup.com