Techno Electric and Engineering Company in May this year had mentioned that they would install 200 megawatt of operating wind assets this June and announced plans to add 100 megawatts a year.
Panchabuta had mentioned in February that Kolkata-based Techno Electric and Engineering Company was in talks with IFC, Standard Chartered Bank and DBS Bank for raising 750 crore of debt to part-finance its 200 mw wind power project in Tamil Nadu.
According to reports, Standard Chartered Plc (STAN), DBS Group Holdings Ltd. (DBS) and the World Bank’s private-sector financing arm loaned $80 million to Techno Electric & Engineering Co. for a wind farm in southern India.
The 101-megawatt project is Techno Electric’s first wind farm to get project financing, Pradeep Kumar Lohia, the Kolkata- based company’s president of finance, said by phone yesterday.
Standard Chartered and International Finance Corp., a World Bank unit, are lending $30 million each and DBS $20 million. Techno Electric will pay an interest rate of 3.25 percentage points above the London interbank offered rate, Lohia said.
The IFC also paid 225 million rupees ($5 million) for 3.38 percent of the Simran Wind Project Pvt. unit developing the farm, Techno Electric Management Executive Ankit Gupta said by phone, valuing the developer at $148 million.
Techno Electric, which will retain the rest of Simran Wind, bought the company in 2009 from Tulsi Tanti, chairman of Suzlon Energy Ltd. (SUEL), India’s biggest wind-turbine maker, Gupta said.
The 6-billion-rupee project in Tirunaveli and Coimbatore in Tamil Nadu state will raise Techno Electric’s wind capacity 75 percent to 236 megawatts. The half-built project is due to be completed by the end of the month, with Suzlon 1.5-megawatt and 2.1-megawatt turbines being installed at the site, Gupta said.