According to reports, International Finance Corporation will lend $15 million to Bhilwara Green Energy Ltd, to develop, own and operate a 51 MW wind farm in Maharashtra. This venture also marks an expansion of activities for Bhilwara Energy, which has been primarily involved in hydroelectric projects.
The wind power project will be built under EPC contract with ReGen Powertech, an Indian company which designs, manufactures and installs gearless wind turbine generators, using German technology licensed from Vensys AG.
The power will be sold to Maharashtra State Electricity Distribution Company under a 13-year Power Purchase Agreement (PPA). In addition, the project will be eligible to receive generation-based incentives.
The expected total project cost is approximately $71.5 million and IFC will provide up to $15 million as loan to Bhilwara Green Energy Ltd.
Last July, IFC had invested $25 million to purchase 5.24 per cent stake in Bhilwara Energy. Incidentally, the firm is the holding company, which invests and develops all hydro and other renewable projects of the LNJ Bhilwara Group.