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).