Mumbai, Mar (EPC News): The International Finance Corporation (IFC) will invest $15 million in corporate equity financing to Simran Wind Project Private Limited to finance its pipeline projects.
Presently, Techno Electric and Engineering Company Ltd (Techno) 100% subsidiary, Simran Wind Project has installed capacity of 50.4 MW in the states of Karnataka and Tamil Nadu and is now expanding its wind power capacity for a total new capacity of about 126.9 MW in the state of Tamil Nadu in Muthianpatti, Amdhapuram and Rasta.
Through this investment, IFC supports a company which will add approximately 200MW of renewable energy generation capacity over the next 2 years to meet the growing electricity demand in India. The project helps to mitigate negative climate change impacts by helping avoid GHG emissions.
The IFC Post-2012 Carbon Facility (the facility) proposes to forward purchase up to 1.75 million Certified Emission Reductions (CERs) to be generated through 2020 by Simran’s wind power projects.
IFC is also spending up to $40 million in debt financing in the form of IFC ‘A’ Loan to Simran for financing the 126.9 MW wind projects. The tenor of the ‘A’ loan will be up to 12 years with a grace period of up to three years.
EPC News Bureau
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epcworld
| Posted on:3/15/2011 at 11:59 AM