Gamesa

completed

The GWT’s existing turbine facility is located at Red Hills in Chennai and has a capacity of 200 MW per annum, which the Company plans to scale it to over 800 MW in the coming two years through a new nacelle assembly facility. The proposed Project is to provide debt financing to GWT, for its new nacelle assembly facility (the “Project”). The Project is expected to be located in an industrial area outside of the city of Chennai in the state of Tamil Nadu. GWT is also involved with developing wind farms in the region and has, to date, signed contracts in India and Sri Lanka for the installation of more than 60 MW and has plans for developing wind farms of capacity of nearly 1,400 MW in South Asia in coming years. While the wind farm development business is not a part of IFC’s investment, GWT, in line with Gamesa’s corporate standards, wish to ensure that its wind business follows international best practices and standards. Hence, GWT has voluntarily agreed to adopt the IFC PSs (Best effort basis) to this business line, with guidance and support from IFC. This review, therefore, touches upon the wind farm operations in this regard.