Bankers said Aditya Birla Renewables is seeking about $1.5 billion in rupee project loans to fund its agreed $1.8 billion purchase of Shell's Solenergi business.
Aditya Birla Renewables is seeking 1.5 billion dollars in rupee loans to fund its purchase of Shell's Indian renewable arm and to avoid a costlier bridge loan, three bankers told Reuters on Friday. The bankers were not named because they were not authorised to speak.
The company agreed in July to buy Solenergi Power, a Shell unit that includes the Sprng Energy companies, for 1.8 billion dollars. Two bankers said it had earlier secured a 1.6 billion dollar bridge-loan commitment from MUFG Bank.
The firm now wants longer-term rupee loans at project level. One banker said the tenor would be about 80 percent of project life and that the debt would likely sit across 17 to 20 special-purpose vehicles, some operating and some still being built. Payment to Shell is not immediately due because the deal has not closed.
A spokesperson for Aditya Birla Renewables did not respond to Reuters questions sent on Thursday. The account is from bankers, not a company filing.
No signing date for the new loans was given.