IFC considers loan for India wind power portfolio company
International Finance Corporation (IFC) may provide a $19 million loan to India’s NSL Group to support the development of a wind farm in the western state of Maharashtra. IFC already holds a 9.3% stake in the NSL subsidiary responsible for the project – NSL Renewable Power Private – while private equity firm FE Clean Energy owns another 17.4%.
According to an investment proposal, the total cost of the project is $93 million and the IFC board will decide whether or not to participate by early October.
NSL wants to build a farm of 50 wind turbines with a collective capacity of 75 megawatts. The project will be implemented in two phases with 25.5 MW implemented in the first phase. The turbines will be supplied by ReGen Powertech, which is also responsible for the transmission lines that transport the electricity to the state grid.
FE Clean Energy is currently investing from its fourth fund, a $150 million vehicle raised in 2007 that targets clean and renewable energy assets in South and Southeast Asia, Central and Eastern Europe, and Latin America. It committed $40 million to NSL in July 2011.
Other India portfolio companies include Elpro, a high efficiency street lighting company based in Bangalore, and four hydropower projects - Soham Renewable Energy, APPL, Swasti Power Engineering and Bhilwara Energy. The latter has also received capital from IFC.
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