IDFC PE acquires BP Energy`s India wind power business

Last Updated: Wednesday, September 16, 2009 - 23:48

New Delhi: IDFC Private Equity today
announced the acquisition of British firm BP Energy`s wind
power business in India for an undisclosed amount.

IDFC Private Equity made the acquisition of the 100-MW
portfolio of wind energy assets of BP Energy India through
Green Infra Ltd.

Green Infra is an independent power producer with 100
per cent equity support from IDFC Private Equity that has
committed Rs 360 crore to the renewable energy producer.

"So far we have disbursed Rs 200 crore to the company
which include equity transaction to acquire the wind power
firm," IDFC Private Equity Managing Director Satish Mandhana
told reporters here.

He said the private equity investment manager would
make further investment in the company based on the future
requirement.

The money has been committed from the two existing
funds raised by the IDFC Private Equity, he said, adding "so
technically the investment in the company is from those two
funds".

Debt financing for the BP Energy India transaction
which is located in Maharashtra and Karnataka was provided by
IDFC and Axis Bank, he added.

With the acquisition the total energy generating
capacity has gone to 124 MW from earlier level of Rs 24 MW.

GE Energy to set up its 1st wind turbine unit

Power generator GE Energy today
announced its plans
to set up its first wind turbine generator
plant in the country and help in shaping the nation`s
renewable energy agenda.

"It is a moment of great pride for all of us at GE as
this is going to be our first wind turbuine generator plant in
India. We appreciate the government`s support in providing the
project with necessary infrastructure to commence operations",
GE India President and CEO T P Chopra said here on the
occasion of `GE Day` celebrations.

The plant would commence production in second half of
2010, he said.

The company`s 1.5 XLE model wind turbine, most suited for
India`s low wind environment, would eventually grow its
capacity to ship 300 wind turbines yearly in line with the
growth in demand, Chopra said.

The facility would also enable GE Energy to create a
larger sourcing base from India for critical items, including
blades, towers, gear boxes, castings and forgings.

Bureau Report



First Published: Wednesday, September 16, 2009 - 23:48

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