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Standard Chartered, DBS, IFC to Fund Techno Electric Wind Farm

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.

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