Indian Energy achieves financial closure of Wind Farms project

Written by Agencies | Mumbai, August 28: | Updated: Aug 28 2008, 23:08pm hrs
UK-based Indian energy group promoted Belgaum Wind Farms on Thursday said the company has achieved the financial closure of its 24.8 Mega Watt wind farm project at Gadag district in Karnataka.

The project is the first of its kind with Independent Power Producer (IPP) status to achieve financial closure with non-recourse facility to promoters balance sheet, the company said in a release issued in Mumbai.

The company plans to add 250 MW generation capacity in near future.

The Gadag project received Rs 90 crore of term loan from State Bank of India.

State Bank's subsidiary SBI Capital Markets acted as the lead arranger and advisor for the project, the company said.