Tata Power, India’s largest integrated power company announced the successful financial closure for its 95 MW Tsitsikamma Wind Farm Project in South Africa Joint Venture Company with Exxaro, Cennergi (Pty.) Ltd. The Company had recently also announced the successful financial closure of its 135 MW Amakhala Emoyeni Wind Farm Project in South Africa.
The Company was selected as the ’preferred bidder’ for 230 MW wind farms- 135 MW Amakhala Emoyeni Wind Farm Project and the 95 MW Tsitsikamma Wind Farm Project by the Department of Energy, Government of South Africa in 2012.
Cennergi has successfully tied up the entire debt requirement through Nedbank. The signing of financing agreements was completed on June 5th, 2013. The Company also completed pre-disbursement conditions under the financing agreements for availing Interim Disbursement and received the first loan disbursement on June 28th, 2013. The project of approximately Rand 2905 million is being funded through a debt equity mix of 75:25. The project financing comprises of equity of Rand 726 million and Rand Term Loans of 2179 million.
With this, the Company attained financial closure of both its wind projects, 95 MW Tsitsikamma Wind Farm Project and 135 MW Amakhala Emoyeni Wind Farm Project. Tata Power announced the successful financial closure for its 135 MW Amakhala Emoyeni Wind Farm Project through its South African Joint Venture Company with Exxaro, Cennergi (Pty.) Ltd. in the month of June 2013.
The wind projects will be located in Eastern Cape, South Africa and are expected to achieve commercial operations in 2016. Power Purchase Agreements and Implementation Agreements for these projects were signed with Eskom and Department of Energy, Government of South Africa respectively on May 9th, 2013.
Cennergi is 50:50 Joint Venture between South Africa's Exxaro Resources Limited (“Exxaro”) and The Tata Power Company Limited (“Tata Power”).
Speaking on the announcement, Mr. Anil Sardana, Chairman Cennergi & Managing Director, Tata Power, stated, “We are pleased to complete the financial closures for both our Wind Projects in South Africa. The signing of the financing agreements is a significant milestone for the project, and we take this opportunity to thank our investors who have once again shown faith in Tata Power”.
Cennergi, based in South Africa, focuses on the investigation of feasibility, development, ownership, operation, maintenance, acquisition, and management of electricity generation projects in South Africa, Botswana, and Namibia. The initial project pipeline focuses on renewable energy projects in Southern Africa and Cennergi’s strategy is to create a balanced portfolio of generation assets.
Cennergi aims to be the leading cleaner energy independent power producer (IPP) in Southern Africa, serving an expanding energy market. The Company’s diverse project portfolio confirms its commitment to both people and planet.
The Company was selected as the ’preferred bidder’ for 230 MW wind farms- 135 MW Amakhala Emoyeni Wind Farm Project and the 95 MW Tsitsikamma Wind Farm Project by the Department of Energy, Government of South Africa in 2012.
Cennergi has successfully tied up the entire debt requirement through Nedbank. The signing of financing agreements was completed on June 5th, 2013. The Company also completed pre-disbursement conditions under the financing agreements for availing Interim Disbursement and received the first loan disbursement on June 28th, 2013. The project of approximately Rand 2905 million is being funded through a debt equity mix of 75:25. The project financing comprises of equity of Rand 726 million and Rand Term Loans of 2179 million.
With this, the Company attained financial closure of both its wind projects, 95 MW Tsitsikamma Wind Farm Project and 135 MW Amakhala Emoyeni Wind Farm Project. Tata Power announced the successful financial closure for its 135 MW Amakhala Emoyeni Wind Farm Project through its South African Joint Venture Company with Exxaro, Cennergi (Pty.) Ltd. in the month of June 2013.
The wind projects will be located in Eastern Cape, South Africa and are expected to achieve commercial operations in 2016. Power Purchase Agreements and Implementation Agreements for these projects were signed with Eskom and Department of Energy, Government of South Africa respectively on May 9th, 2013.
Cennergi is 50:50 Joint Venture between South Africa's Exxaro Resources Limited (“Exxaro”) and The Tata Power Company Limited (“Tata Power”).
Speaking on the announcement, Mr. Anil Sardana, Chairman Cennergi & Managing Director, Tata Power, stated, “We are pleased to complete the financial closures for both our Wind Projects in South Africa. The signing of the financing agreements is a significant milestone for the project, and we take this opportunity to thank our investors who have once again shown faith in Tata Power”.
Cennergi, based in South Africa, focuses on the investigation of feasibility, development, ownership, operation, maintenance, acquisition, and management of electricity generation projects in South Africa, Botswana, and Namibia. The initial project pipeline focuses on renewable energy projects in Southern Africa and Cennergi’s strategy is to create a balanced portfolio of generation assets.
Cennergi aims to be the leading cleaner energy independent power producer (IPP) in Southern Africa, serving an expanding energy market. The Company’s diverse project portfolio confirms its commitment to both people and planet.
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