IDFC makes second mezzanine commitment to Caparo Energy
Infrastructure Development Finance Company (IDFC) has provided $33.5 million in mezzanine funding, subject to a four-year term, to Caparo Energy. This is IDFC's second mezzanine deal with the energy firm, following an earlier $78.5 million six-year commitment.
Caparo expects to raise a total of $112 million and put it towards the development of 700 megawatts of wind projects. At present, it has 52 MW in commissioned capacity and it has entered into a deal with Suzlon Energy for 1,000 MW of wind power projects. Of these, 500 MW are expected to be commissioned by March 2012, and the remainder by March 2013.
Ravi Kailas, chairman and CEO of Caparo, said: "The closing of the second tranche of mezzanine financing in a timely manner puts our company in a position to fund over 700 MW of wind projects without any dilution to existing shareholders.”
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