Gujarat Paguthan seeks IFC loan for wind power project

July 24th, 2008 - 5:30 pm ICT by IANS  

Ahmedabad, July 24 (IANS) Gujarat Paguthan Energy Corp (GPEC), an independent power project in Bharuch district, has sought a $20-million loan from the International Finance Corp (IFC) to part finance the first of its two wind power projects at Samana, about 65 kilometres from Jamnagar. GPEC is a 100 percent Indian subsidiary of the Hong Kong exchange listed CLP Holdings Ltd.

The company is setting up two 50.4 megawatt wind power projects in the windswept Samana in two phases. Its Bharuch unit has a generating capacity of 655 megawatt.

GPEC has also planned an 82.4 megawatt wind farm unit in the Saundatti region of Belgaum district in Karnataka.

Company officials said GPEC could seek another $80 million loan from IFC for implementing phase two of the Samana project and the Saundatti project, besides others in the state that may be taken up later.

GPEC will implement the Samana project through a special purpose vehicle, which will be a 100 percent subsidiary.

A larger 360 megawatt wind power plant is already in operation in Samana. This is also the region where Tata Power has planned two wind energy projects of 50 megawatt each.

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