Karnataka Wind Farm

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The project envisages the development and construction of a 110 MW wind farm in the State of Karnataka, India. Renew Wind Energy (Sipla) is the project company which will implement the power generation facility on behalf of the sponsor - ReNew Power. This is a new, greenfield project initiated on a BOO mode. Under Karnataka wind power renewable policy, the electricity produced by Independent Power Producers is purchased under a PPA at a minimum rate per Kwh. According to a submission by Allen & Overy (H1 2017), Asian Development bank provided a loan of $34.7 million towards the project. Reuters filings have indeed confirmed a tranche of $34.7 million, along with another one of $35.06 million. Hence, total debt funding equals $69.76 million. Equity contribution could not be reliably ascertained but sources indicate paid up capital of the SPV of approximately $10.85 million, hence taken as equity. This equation renders a debt to equity ratio of 85:14. Financial closure was reported to have reached on 9th of March 2017. Allen & Overy Submission H1 2017 India ECB, FCCB and RDB data for March 2017 (Factiva)