First Solar Telangana Power Plant

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The project entails the development of a 25 MW solar power generation capacity at Ippatur village in the Mahabubnagar district, Hyderabad, in the State of Telangana by Polepally Solar Parks Pvt Ltd ("Project Company"). The plant is said to serve the needs of about 42,000 average Indian homes. Sponsor of the project is First Solar Group via its subsidiaries First Solar FE Holdings, First Solar and First Solar Power India. EPC contractor is Mahindra Susten. Legal adviser to the lender is Link Legal. The project is the second power plant being developed by First Solar Group in India. The first power plant of 20 MW has already been commissioned. The company has inked a 20-year power purchase agreement to sell power to Southern Power Distribution Corporation of Telangana, the power utility. The total project cost is $31.28 million. Financing comprises a $18.8 million term loan provided by Axis Bank, and $12.48 million of equity. Financial close occurred on 30 March 2016. http://www.livemint.com/Companies/h3ceCe93JriflcE1D3eLyK/First-Solar-commences-first-India-operation-in-Telangana.html http://www.firstsolar.com/en/About-Us/Press-Center/Blog/2015/July/First-Solar-Brings-More-Power-to-India http://investor.firstsolar.com/releasedetail.cfm?ReleaseID=864330 Dealogic Report