Power India found that International Finance Corporation (IFC) is planning to invest around USD 130 Million in to the INOX Renewable Limited which is a subsidiary of Gujarat Flurochemicals Limited.
The funds raised will be used to fund 400 MW of wind projects in the states of Rajasthan and Gujarat.
IFC’s proposed investment involves equity investment of $40Mn in IRL and senior debt of $90Mn.
Incorporated in 2010, INOX Renewable is a part of INOX Group which has interest in diverse businesses including Industrial Gases, Refrigerant Gases, Fluoro Chemicals, PTFE, Renewable Energy, Cryogenic Equipment and Entertainment.
INOX Renewable houses the wind power generation business of the INOX group.
The company is planning to build up to 3000 MW of wind projects by 2017 with the majority being in the states of Rajasthan and Gujarat.
Recently, Gujarat Fluorochemicals transferred its 65MW wind energy business to INOX Renewables.
The total project cost of 400 MW wind project is estimated at $480 Mn which is proposed to be implemented by March 2013.
Its existing operational assets are a 4MW wind farm in Tamil Nadu, two wind farms in Rajasthan, including Sadiya -12MW and Ossiya – 30MW, a 23.1MW site in Gude Panchgani, Maharashtra; and a 50 MW site at Mahidad in Gujarat. There is a 100MW wind farm at Dangri, Rajasthan currently under construction.
Recently, Chennai based wind power developer – Trishe Energy was also planning to raise funds from private equity investors for setting up of 1,000-MW of wind farms.
Other investments in this sector include IDFC India Infrastructure Fund’s $33Mn investment in Caparo Energy and FE Clean Energy’s $40Mn investment in NSL Renewable Power.
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