| Log in

Indian Energy Achieves Financial Closure For TN Power Project

30 April, 2010

AIM-listed independent power producer Indian Energy Ltd, that owns and operates wind farms in India, has achieved financial closure of the project finance with State Bank of India for its 16.5 MW wind farm at Theni in Tamil Nadu.

The country’s largest lender State Bank of India has underwritten the entire debt facility of Rs 68 crore (GBP 9.97 million) and SBI Capital Markets Limited acted as lead arranger and advisor.

As a part of the finance terms, certain board members of Indian Energy who also owns shares in the company– Rupert Strachwitz, Pankaj Agarwal and James Pockney have committed to the lender that they will not sell their shares in the company till the time the project finance is repaid.

Last December, Indian Energy had entered into an agreement with ReGen Powertech Private Limited for the construction of a 49.5 MW wind farm at Theni. The project is being constructed and commissioned in two phases.

The first phase involves construction of 16.5 MW capacity and is scheduled to be fully commissioned by June this year. As per the company disclosure, first three of the eleven turbines have been commissioned and are generating power to the grid.

Indian Energy has entered into a 20-year power purchase agreement with the Tamil Nadu Electricity Board for the sale of power at a price of Rs 3.39 per kWh.


Leave Your Comment
CLP India raises $90M through green bonds

CLP India raises $90M through green bonds

PTI 2 years ago
CLP India today said it has raised Rs 600 crore through green bonds to fund its...
Indian Energy Raises Rs 78 Cr From AIM Float

Indian Energy Raises Rs 78 Cr From AIM Float

Madhav A Chanchani 8 years ago
With the primary markets in India perking up, listing of Indian companies...
SunEdison to acquire Morgan Stanley Infrastructure Partners-backed Continuum Wind Energy

SunEdison to acquire Morgan Stanley Infrastructure Partners-backed Continuum Wind Energy

Bhawna Gupta 2 years ago
World’s largest renewable energy developer SunEdison Inc has signed an...
No Comments

Indian Energy Achieves Financial Closure For TN Power Project

Powered by WordPress.com VIP