Home » Finance » NSL Power to invest $45 mn to set up windfarms in Maharashtra

NSL Power to invest $45 mn to set up windfarms in Maharashtra

According to reports, NSL Power, which plans to invest $45 million to set up new wind farms in Maharashtra, is planning to raise around $15.75 million from the International Finance Corporation.

NSL Renewable Power Private Limited is the ‘Sponsor’ for Jath Wind Energy Private Limited. IFC is an equity holder in the Sponsor, holding 7.9% on a fully diluted basis.

According to company’s project disclosure, NSL Power is planning to set up a 40MW wind power plant in Vaspet, Sangli District of Maharashtra through an SPV called Jath Wind Energy Private Limited. The project company has been setup for the sole purpose of construction, operation, and maintenance of the 40 MW project and will not have any other operations.

The Project is expected to be commissioned by March 31, 2014. The off-taker will be Maharashtra State Electricity Distribution Co. Ltd (MSEDCL), a state owned utility.

INOX Wind Limited (INOX), a wind turbine manufacturer and project developer (and a group company of an IFC investee company Inox Renewables Ltd), will be developing the project on a turnkey basis – from design to construction to commissioning, which includes the micrositing, land acquisition, obtaining statutory approvals, WTG supply, and EPC and O&M.

Investment in the project is estimated at about $45 million equivalent and the proposed IFC investment consists of an IFC ‘A’ Loan of up to $ 15.75 million equivalent subject to a cap of 35% of the total project cost.

The balance debt financing of up to $15.75 million equivalent is proposed to be arranged from other Indian lenders by the Sponsor or through the IFC syndicated loan products.


Comments are closed.

Scroll To Top