NIB helps tap renewable energy in India
The Nordic Investment Bank (NIB) and India’s Axis Bank Limited have agreed on a USD 50 million loan for seven wind turbine parks in India.
Altogether, 208 wind turbines of 0.85-2.10 MW will be set up, making the total capacity of the new wind parks 300 MW. Five of the seven units are being constructed in the state of Tamil Nadu, and the remaining two units will be built in Andhra Pradesh and Gujarat. The project is being implemented by the special-purpose company Beta Wind Farm Pvt. Ltd.
The wind turbine generators will be sourced from several reputable international suppliers, including Vestas, Suzlon, Gamesa, GE and LSML.
Axis Bank, a listed company, started operations in 1993 and it is currently the third largest private sector bank in India.
The financing was concluded in close cooperation with HSBC that acted as financial adviser to Beta Wind Farm Pvt. Ltd.