Comments
Techno Electric and Engineering Company Ltd announced financial closure of the 100-MW wind power project in Tamil Nadu taken up through the subsidiary Simran Wind Project Pvt Ltd. The Rs 600-crore ($ 133.33-million) project is slated to be fully commissioned in mid-July 2011.
According to a company press release issued on Monday, of the total project cost, Rs 240 crore ($ 53.33 million) was financed through equity contribution of the parent Techno Electric ($ 48.3 million or Rs. 218 crore) and IFC Washington ($5 million or Rs 22 crore). IFC holds 3.38 per cent stake in Simran and the balance 96.62 per cent is held by Techno.
Out of a total debt financing of Rs 360 crore ($80 million), IFC and Standard Chartered Bank have contributed Rs 135 crore ($30 million) each. The balance Rs 90 crore ($ 20 million) is contributed by DBS Bank. The debt-equity ratio stands at 60:40.
According to the press release, out of the proposed 100-MW capacity, Simran has already installed 37.5 MW worth of wind farms. “Simran is set to commission the entire 100 MW capacity by mid-July 2011,” it added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.