NSL Renewable Power Private Limited (NSL Power) plans to invest $45 million for new wind farms in Maharashtra, India. The company is also planning to tap the International Finance Corporation (IFC) for a $15.75-million funding, according to Business Standard.

NSL Power is the sponsor for special private vehicle (SPV) Jath Wind Energy Private Limited. The project company has been established solely for the construction, maintenance, and operation of the 40MW wind power plant in Vaspet, Maharashtra. IFC, on the other hand, is an equity holder with 7.9% in NSL Power on a fully diluted basis, the report detailed.

The wind farm project is expected to commence by March 31, 2014. State-owned utility Maharashtra State Electricity Distribution Co Ltd (MSEDCL) will purchase or sell the a portion of the future production, the report added.

The report said the proposed IFC investment for the project consists of a loan of up to $15.75 million, or a 35% cap of the total project cost. The debt financing of this amount is proposed to be arranged by NSL Power from other Indian lenders or through syndicated loan products of the IFC, Business Standard added.