Techno Electric and Engineering Company Ltd announced financial closure of the 100-MW wind power project in Tamil Nadu taken up through the subsidiary Simran Wind Project Pvt Ltd. The Rs 600-crore ($ 133.33-million) project is slated to be fully commissioned in mid-July 2011.
According to a company press release issued on Monday, of the total project cost, Rs 240 crore ($ 53.33 million) was financed through equity contribution of the parent Techno Electric ($ 48.3 million or Rs. 218 crore) and IFC Washington ($5 million or Rs 22 crore). IFC holds 3.38 per cent stake in Simran and the balance 96.62 per cent is held by Techno.
Out of a total debt financing of Rs 360 crore ($80 million), IFC and Standard Chartered Bank have contributed Rs 135 crore ($30 million) each. The balance Rs 90 crore ($ 20 million) is contributed by DBS Bank. The debt-equity ratio stands at 60:40.
According to the press release, out of the proposed 100-MW capacity, Simran has already installed 37.5 MW worth of wind farms. “Simran is set to commission the entire 100 MW capacity by mid-July 2011,” it added.
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