The GBI scheme will provide Indian Energy with additional revenue of Rs. 0.5/kWh, and has been effective from the date of the commissioning of the turbines – 3 February 2010.
Indian Energy expects the remaining 12 MW to receive GBI registration following the full commissioning of the Theni I wind farm.
Furthermore, the State Bank of India (SBI) has agreed to revise the interest rate on the project finance for the 24.8 MW wind power project at Gadag Plains from the State Bank Advance Rate (SBAR), its prime lending rate, to SBAR minus 50 bps.
Rupert Strachwitz, CEO of Indian Energy, says: “We are extremely pleased to have received the GBI registration for the Theni I project, particularly as this was only the second wind farm project in India to be approved for GBI. In addition the fact that we have secured a reduction in the cost of borrowing for the Gadag Plains project demonstrates the close working relationship we have with SBI.”