IDFC PE acquires BP Energy`s India wind power business
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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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