Bhilwara Energy

completed

Bhilwara Energy Limited (“BEL” or “Company”) is the power sector investment vehicle of LNJ Bhilwara Group created to develop and operate hydro power assets in India and Nepal. BEL currently owns a majority stake in and operates the 86 MW Malana hydropower project and is completing the construction of the 192 MW Allain Duhangan Hydropower Project (ADHP), both located in Himachal Pradesh. BEL plans to develop several medium- to large-scale (i.e., between 50-900 MW) run-of-river hydropower projects predominantly in the mountainous regions of India (Himachal Pradesh and Arunachal Pradesh) and Nepal for which it currently holds licenses. These projects are expected to create power generation capacity of 2200 MW. IFC committed debt and equity financing to ADHP 2004 and again in 2007. The project’s sponsor, LNJ Bhilwara Group, is seeking IFC equity participation in its holding company – Bhilwara Energy Limited – that will, in addition to its existing Malana and ADHP assets, establish project companies to build, own and operate hydropower projects in India and Nepal. As a condition of IFC’s participation, BEL will develop a corporate-wide Social, Environmental, Health and Safety management system, based on the management system established for ADHP, that will be incorporated into the management and operations of each of BEL’s project companies.