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EIB Considers US$85 Million Loan For Indian Wind Energy Projects

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The European Investment Bank is considering financing wind energy project across two states in India.

According to information available at the website of the European Investment Bank (EIB), the bank is considering providing loans worth US$85 million to three wind energy projects in the states of Madhya Pradesh and Andhra Pradesh in India. The loans would be provided under investment programs started by the bank in collaboration with an Indian company and a government agency.

A 92 MW wind energy project planned in Andhra Pradesh and a 100 MW wind project in Madhya Pradesh are vying for a loan worth US$34 million under the IIFCL Energy Sustainability and Climate Action framework loan program. Another 100 MW wind energy projects is being consider for a loan worth US$21 million under the same program.

EIB has signed an agreement with the India Infrastructure Finance Company Limited (IIFCL) in 2014 for a long-term loan worth US$229 million.

A 100 MW project planned in the state of Andhra Pradesh is also being considered for a loan worth US$30 million. This loan would be provided under the IREDA-Renewable Energy and Energy Efficiency framework loan program. The EIB had sanctioned a line of credit to the Indian Renewable Energy Development Agency (IREDA) worth US$229 million in 2014.

All these projects are being developed by an independent wind energy developer Ostro Energy. The company had placed orders for wind energy projects in these states with Gamesa India last year. It is, however, unclear if these are the same projects for which debt has been sought.

Earlier this year, the company had also received debt financing worth US$177 million from the International Finance Corporation (IFC) for two wind energy projects with 197.4 MW capacity in Andhra Pradesh.

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