Financial closure was reached with four banks, including State Bank of Patiala, Export-Import Bank of India, Canara Bank and State Bank of Travancore.
"The support from Indian banks demonstrates their increasing confidence in the solar industry," stated SunBorne managing director and CEO, James Abraham.
In a statement, the company explained that financing has been a "key" concern for a lot of project developers in India.
"Indian commercial banks are lending cautiously to projects in the solar sector, because large-scale projects are being commissioned for the first time in India," it said.
The 15 MW plant is scheduled to be completed as early as November. Construction is already underway, and Suntech has reportedly begun delivery of the equipment.
Estimated to provide enough electricity to power 10,000 households when complete, the project is expected to generate carbon credits under the clean development mechanism (CDM) of the United Nations Framework Convention on Climate Change (UNFCCC).
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.