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IL&FS Solar Power repays entire debt of ₹845 crore
January 07, 2021
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In the previous progress report, IL&FS said it has resolved ₹19,100 cr of the group’s debt of about ₹99,000 cr
IL&FS Solar Power Limited (ISPL), a group company of IL&FS, has paid up its entire debt of ₹845 crore.
This debt has been repaid to all its creditors which include financial and operational debt, tax and statutory dues, IL&FS said.
ISPL had taken up construction and financing of a 100 MW AC solar power project in Bellary for Embassy Energy Private Limited (EEPL). The project was commissioned in 2018 and ISPL had raised secured and unsecured loans for the same. EEPL, as the project owner, was servicing ISPL through an equated monthly instalment (EMI) structure under a deferred payment agreement (DPA).
IL&FS Solar Power Limited (ISPL) has paid its entire debt amounting to nearly Rs 845 crore to its creditors - including financial and operational debt, thereby helping the IL&FS Group move ahead with the resolution process. This follows pre-payment by Embassy Energy Private Limited (EEPL) for the financial assistance provided by ISPL. The repayments by IL&FS Solar also cover tax and statutory dues, without any preference to any creditor or class of creditors, IL&FS group said in a statement. ISPL had undertaken construction and financing of a 100 MW solar power project in Bellary district, Karnataka, for Embassy Energy Private Limited (EEPL) that was commissioned in February 2018.