Tata Power gets ADB finance for 100 MW Wind Energy Project

Tata Power Company Ltd has announced that Asian Development Bank (ADB) which promotes renewable energy in India has agreed to finance the Company for their 100 MW Wind Power project.

ADB will provide an Indian rupee denominated loan of upto Rs 3.52 billion, or an equivalent of about $79.3 million, to the Company, to set up and operate wind energy facilities at two locations in the state of Maharashtra viz, near Khandke Village in Ahmednagar district and near Bramanvel Village in Dhulia district. The tenor of the loan will be upto 13 years and will have a fixed interest rate during the entire tenor of the loan. The Company has already commissioned 50 MW of the total wind generation capacity as of date.

The project will help India's economic growth and energy diversification in an environmentally sustainable manner and will promote private sector participation in the renewable energy sector in the country.

The stock closed the day at Rs.598.55, up by Rs.16.40 or 2.82%. The stock hit an intraday high of Rs.602 and low of Rs.580.25. The total traded quantity was 137371 shares compared to 2 week average of 90177.

Source : Equity Bulls

Keywords