IFC Lends Ostro Energy $177 Million For Wind Energy Project In India

8 years ago Saurabh
Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Ostro Energy, an emerging wind energy developer in India, has secured debt financing from the International Finance Corporation for two large-scale wind energy projects.

The International Finance Corporation (IFC) provided debt-finance for two wind energy projects planned by Ostro Energy in the southern Indian state of Andhra Pradesh, with a combined installed capacity of 197.4 MW.

Total cost of the two projects will be around $246 million, of which around 72% will be provided by IFC in terms of debt financing. IFC shall directly provide an ‘A’ loan worth $59 million, and will mobilise another $118 million.

The two projects will be developed by Suzlon Energy, an integrated wind energy solution provider in India, which will be responsible for land acquisition, supply of wind turbines, and commissioning.

Ostro Energy currently has an installed wind energy capacity of 76 MW in India, but is looking to increase its installed base rapidly. The company has projects with cumulative installed capacity of 325 MW under construction across the states of Rajasthan, Madhya Pradesh, and Andhra Pradesh.

Ostro Energy is backed by private equity fund Actis which invested $230 million in the company last year. Ostro Energy placed an order for 200 MW of wind energy projects with Gamesa last year. The projects will be developed in Madhya Pradesh and Andhra Pradesh. Gamesa will supply G07-2.0 metre turbines for the two projects. The project in Andhra Pradesh will be commissioned by December 2016 while the project in Madhya Pradesh will be operational by February 2017.

The wind energy project developer also placed an order for 100 MW wind energy project planned in Madhya Pradesh with Indian wind turbine manufacturer Inox Wind. The project is part of a larger 200 MW project.

Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.

CleanTechnica Holiday Wish Book

Holiday Wish Book Cover

Click to download.

Our Latest EVObsession Video

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it!! So, we've decided to completely nix paywalls here at CleanTechnica. But...
 
Like other media companies, we need reader support! If you support us, please chip in a bit monthly to help our team write, edit, and publish 15 cleantech stories a day!
 
Thank you!
Advertisement
 
CleanTechnica uses affiliate links. See our policy here.

Saurabh

An avid follower of latest developments in the Indian renewable energy sector.

Saurabh has 1037 posts and counting. See all posts by Saurabh

One thought on “IFC Lends Ostro Energy $177 Million For Wind Energy Project In India”

  • Calamity_Jean
    February 29, 2016 at 9:20 am
    Permalink

    I went to the first link in this article and found this:

    “International Finance Corp. is the private equity and venture capital arm of World Bank.”

    Didn’t the World Bank promise, just two or three years ago, that they would stop financing fossil fuel projects and start funding renewables? It’s good to see that they are following through on at least part of that promise.

Comments are closed.