IFC board to hear $15.75M loan proposal for 40-megawatt NSL wind farm project in India early next year
Washington DC-based International Finance Corporation (IFC) may provide a $15.75 million loan for a 40-megawatt wind farm in India. IFC is the private sector financing arm of the World Bank Group.
According to a report by Bloomberg, India's NSL Renewable Power Pvt. Ltd. plans to build the Jath Wind Energy project by March at Vaspet in Maharashtra state's Sangli district. IFC owns a 7.9% stake in NSL. The loan proposal will go to the bank's board on January 15.
Business Standard in a separate report said that NSL is the sponsor for special private vehicle (SPV) Jath Wind Energy Pvt. Ltd. The project company had been established solely for the construction, maintenance and operation of the 40-megawatt wind farm.
The total project cost of Jath Wind Energy is $45 million. The wind farm will use turbines from India's Inox Wind Ltd. The Jath Wind Energy project will supply power to local state-run utility Maharashtra State Electricity Distribution Co., Bloomberg said
NSL has 185 megawatts of operating wind, biomass, hydropower and solar capacity in India. It is also backed by American private equity firm FE Clean Energy Group Inc., the report said.