Financial closure for wind farm project

Mumbai: NRI-promoted Indian Energy, which is incorporated and registered in Guernsey, UK, through its group company Belgaum Wind Farms Private Ltd has achieved financial closure of its 24.8 MW Wind Farm at Gadag District in Karnataka.

The project has a debt equity ratio of 1.7:1. The State Bank of India has underwritten the entire debt facility of Rs 90 crore. SBI Capital Market Ltd. (SBICAP) is the lead arranger and advisor for the project.

The company is focussed on renewabl energy and has plans to add 250 MW in the near future. Mr Rajat Misra, Vice-President (Project Advisor) SBICAP, said that it is first project of the company and SBICAP has done all the due diligence.

The promoters are supported by Standard Bank, UK. The project already has a firm commitment from KFW Bank of Germany for purchasing carbon credits that would be generated from the project, he said.