IFC to invest USD 55 Mn in Simran Wind Project
Dealcurry reported that Simran Wind Project Pvt Ltd is raising up to $15 Mn in an equity round from IFC to fund its power projects. Wind Power firm, Simran is a 100% wholly-owned subsidiary of Kolkata-based Techno Electric and Engineering Company Limited, a power EPC company. Founded in 1963, Techno Electric & Engineering Company is an EPC services company focused to the power sector. It has ventured into power generation and transmission business with the aim of becoming a major player in the non-conventional energy space.
Company will also raise up to $40 Mn in debt to fund the 126.9 MW wind projects. The tenor of the loan will be up to 12 years with a grace period of up to 3 years. Apart from debt and equity investment, under the IFC Post-2012 Carbon Facility, IFC plans to forward purchase up to 1.75 Mn Certified Emission Reductions (CERs) from Simran Wind's projects.
Recently, IFC had announced its investment of $30 Mn ($15 Mn equity and $15 Mn debt) in Shalivahana Green Energy Limited (SGEL), a bio-mass and hydro-electricity power company. In the past, IFC has invested in the power generation companies like Auro Mira Energy, Bhilwara Energy, Azure Power, among others.
