Bhilwara to raise $15 Million from IFC
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Bhilwara to raise $15 Million from IFC
Noida: Noida-based Bhilwara Green Energy, an IFC investee company, where IFC holds a 5.24 percent stake, will raise $15 million from IFC to develop, own and operate a 51 MW wind farm in village Kukudwad, located in the Satara district in Maharashtra. With the current deal, the firm plans for expansion as earlier they were primarily involved in hydroelectric projects, reports VCCircle. The project will be built under a fixed all inclusive EPC contract with ReGen Powertech, an Indian Company that designs, manufactures and installs gearless wind turbine generators using German Technology licensed from Vensys AG. It will utilize 34 ReGen Vensys 1.5 MW turbines and the output of the project will be sold to the Maharashtra State Electricity Distribution Company utility under a 13 year Power Purchase Agreement. The project cost is estimated to be approximately $71.5 million and IFC will provide up to $15 million as loan to the firm. Bhilwara Energy is the flagship entity in the power sector business of the LNJ Bhilwara Group and is the principal holding company for all the power ventures. The firm will be focusing on diversification of the Group's portfolio in the power Business, like Power Transmission, Power Distribution, Power Trading and Power Generation from non-hydro sources like wind and thermal. They also plans to either develop or acquire new green field power projects in states of Himachal Pradesh, Uttranchal, Sikkim, Madhya Pradesh, Chhattisgarh and Arunachal Pradesh. Last July, IFC invested $25 million to purchase 5.24 percent stake in the Bhilwara Energy. Bhilwara Energy holds 51 percent stake in Malana Power Company Limited (Kullu), which is a joint venture with S N Power, Norway. They also holds 45.9 percent holdings of A D Hydro Power (Manali) indirectly as MPCL holds 90 percent stake in the company.

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