L&T Infra Finance a subsidiary of L&T Finance Holdings said it has raised close to USD 100 million through the External Commercial Borrowing route this fiscal, largely to fund solar power projects.

Mr Shiva Rajaraman head financial services of L&T told PTI that “We have raised USD 100 million through ECB route so far this fiscal, mostly to fund solar power projects.”

He added that “The ECB borrowings have been done to lower the cost of our funds. The company has drawn USD 45 million till September 30, of the total ECB borrowings so far. The company’s consolidated net loan assets stood at INR 8,790 crore as of September 30th 2011, out of which 37 per cent is in the power sector.”

He said that “Out of this 37%, 14% is in power infrastructure projects of coal and gas fired plants and remaining in the renewable energy projects.”

Mr Shiva Rajaraman added that “We are focusing on solar, hydro and wind projects in the power sector now.”

(Sourced from PTI)