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WinWinD Power Energy and Suryachakra Green Power, that have come together to set up 250 MW wind energy farms, are set to close finances for the phase one within two months and possibly rope in a strategic partner.
WinWinD Power Energy, part of the Finnish WinWinD Oy Group, and a constituent of Chennai-based Siva Group, and Suryachakra, will set up wind farms at Dharapuram in Tamil Nadu, with an investment of $350 million (about Rs 1,575 crore).
Dr S.M. Manepalli, Managing Director of Suryachakra Power Corporation Ltd, told Business Line, “We expect to freeze funds for the first phase one of 75 MW within two months and complete it by March 2012. Most of the funding requirement has been tied up and we expect some of the European agencies to chip into the venture. Suryachakra would have 54 per cent equity, WinWind 20 per cent and the balance with a strategic investor to be roped in soon.”
The 250 MW wind power generation capacity will be set up in three phases by the third quarter of 2013. WinWinD will supply, commission and operate 1-MW wind turbines besides providing operational and maintenance services for 10 years from the date of commissioning.
Mr V. Srinivasan, Group CEO, Siva Group and Chairman of the WinWinD board, in a statement said the company plans to use its wind turbine manufacturing facility in Vengal near Chennai to execute the project.
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