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Indian Energy gets financing for 16.5 MW wind farm

Indian Energy Ltd has closed project finance with State Bank of India for its 16.5 MW wind farm at Theni in Tamil Nadu, India.

State Bank of India has underwritten the entire debt facility of INR680 million (~€11.5m) and SBI Capital Markets Limited acted as lead arranger and advisor.

Indian Energy has entered in to an agreement with ReGen Powertech Private Ltd for the construction of a 49.5 MW wind farm at Theni.

The wind farm is being constructed and commissioned in two phases. The 16.5 MW represents phase I and is scheduled to be fully commissioned by June 2010. The first 3 of 11 turbines have been commissioned and are generating power to the grid.

Indian Energy has entered in to a 20 year Power Purchase Agreement with the Tamil Nadu Electricity Board for the sale of power at a price of INR3.39/kWh (~€0.06/kWh).

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