ENA Sectors 2024-05-24 15:17:23 <p><span style="font-size:14px"><strong>New Delhi, May 24 (KNN)</strong> Tata Power Co., a major Indian power generation firm, is in talks to raise up to USD 1 billion in an Indian rupee-denominated loan to fund clean energy investments.</span></p> <p><span style="font-size:14px">The planned borrowing would be the largest such loan in India so far this year.</span></p> <p><span style="font-size:14px">The Tata Group company is discussing the loan with banks including State Bank of India, IndusInd Bank, Axis Bank, and ICICI Bank, according to people familiar with the matter.</span></p> <p><span style="font-size:14px">The funds would go towards Tata Power's previously announced USD 1.6 billion investment into pumped hydro storage projects.</span></p> <p><span style="font-size:14px">If successful, the loan deal would surpass Assam Bio Refinery's USD 365 million loan from February as the biggest Indian rupee loan of 2024 to date.</span></p> <p><span style="font-size:14px">Tata Power aims to finalise the loan terms with lenders over the next three to six months, with funds disbursed in tranches as the renewable projects progress.</span></p> <p><span style="font-size:14px">The interest rate is expected to be benchmarked against Indian central bank rates.</span></p> <p><span style="font-size:14px">The planned mega loan highlights Tata Power's major push into clean energy as India works to nearly triple its renewable power capacity this decade.</span></p> <p><span style="font-size:14px">Major corporations like Tata, Adani, and Reliance are driving this green energy expansion.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 37927 https://knnindia.co.in/news/newsdetails/sectors/tata-power-seeks-1-billion-loan-for-clean-energy-projects 2024-05-24 15:17:23 knnindia.co.in