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Suryachakra Global Ventures Ltd, Hong Kong (SGVL), has entered into a memorandum of understanding with American Bio Sources Inc., (ABS) and Environmental Energy Finance Corporation Inc. USA (EEFC) to work together and implement renewable energy power projects.
Suryachakra Global Ventures Ltd is a 100 per cent subsidiary of Suryachakra Power Corporation Ltd.
According to a statement to the stock exchanges, the MoU seeks to set up projects with a capacity of up to 500 MW in India.
SGVL and ABS/EEFC will set up a 50:50 joint venture for developing up to 500 MW renewable energy power projects such as biomass, solar and in India, by creating special purpose vehicles.
ABS has $200 million approved funding from EXlM Bank of USA to set up renewable energy power plants in India. ABS and EEFC will work with SGVL to secure funding for commissioning the plants under build, own, operate and transfer (BOOT) on a financially viable model.
The equity stake will be distributed equally between SGVL and ABS/EEFC, with the latter deploying funds from the $200 million approved by the EXIM Bank, the statement claimed.
They would also work together to identify and source low interest rate funding for other renewable energy projects too.
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