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Our Bureau

Chennai, Aug. 5 Gujarat Paguthan Energy Corporation, which is putting up wind power projects in Gujarat and Karnataka, is likely to get a loan from the International Finance Corporation. The company had earlier tied up debt from the Asian Development Bank for these projects.

According to information available on IFC’s Web site, Gujarat Paguthan Energy Corporation (GPEC) has approached IFC for a $20 million (about Rs 80 crore) loan for the first phase of the 50.4-MW Samana wind power project in Gujarat. It may require additional loans from IFC up to $80 million (Rs 330 crore) to finance other wind power projects.

GPEC plans another 50.4 MW in the second phase of the Samana project and 82.4 MW at the Saundatti wind farm in Karnataka. GPEC now operates a 655-MW combined cycle power plant running on gas and naphtha at Bharuch in Gujarat. CLP Holdings Ltd of Hong Kong (formerly China Light and Power) owns GPEC.

The corporation had earlier obtained a Rs 445-crore loan from the Asian Development Bank for its wind energy projects. The loans will have a maturity of 13 years from the date of the first disbursement. GPEC’s equity contribution to the project would be about Rs 200 crore.

The Samana project is part of a large wind energy farm being developed by Enercon (India) Ltd, a leading manufacturer of wind turbines, for GPEC and other power producers. Enercon is developing the Saundatti project, in Belgaum district, exclusively for GPEC.

Gujarat pays Rs 3.37 a kWh of electricity from wind energy projects and Karnataka Rs 3.40 a kWh. Besides, the Union Ministry for New and Renewable Energy recently announced a generation-based incentive of 50 paise a unit of electricity from wind power projects, over and above what the State utilities pay as tariff for these projects. CLP is also present in India through a company called Roaring40s, an equal joint venture with Hydro Tasmania of Australia. Roaring40s has set up a 50-MW wind farm in Maharashtra. It has announced plans to have 250 MW of wind power capacity in India by 2010.

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