July 25, 2008

ADB grants INR 445 crore loan for GPEC wind energy projects

Asian Development Bank has given in principle approval to provide a loan of INR 445 crore to Gujarat Paguthan Energy Corporation's wind energy projects in Gujarat and Karnataka.

The loan, which will be used to set up wind farms at Samana in Gujarat and Saundatti in Karnataka totaling 183 MW. The loan will have a maturity of 13 years from the date of the first disbursement.

GPEC will bring in INR 198 crore as equity for the projects and other co lenders will provide loans of INR 364 crore.