Hyderabad: KSK Surya Photovoltaic Venture Pvt. Ltd, a subsidiary of UK-listed utility KSK Power Ventur Plc, expects to complete raising funds for its $440 million (Rs2,040 crore), 150MW solar power panels project by November.
The firm has obtained in-principle approvals from a consortium of five Indian financial institutions and banks for a debt of $290 million, chief financial officer A. Hari Prasad said on Thursday.
He declined to name the lenders.
KSK Surya will fund the balance amount through equity, a part of it from internal accruals and the remaining from private equity investments as well as a public issue, Prasad said.
The company announced on Thursday that it has signed a contract with US-based Applied Materials Inc. to buy two thin film lines that are required to make solar panels. It expects delivery by end-2010.