Beta Wind to take up 300 Mw in 2 phases

Beta Wind Farm Pvt Ltd, which is is planning to set up a 300-Mw wind project, has decided to split the project into two phases.

While 156 Mw would come up in Tamil Nadu in the first phase, Phase II relates to implementation of 144 Mw in Andhra Pradesh and Gujarat, according to the company.

Beta is a subsidiary of Bombay Stock Exchange-listed Orient Green Power Company Ltd.

For Phase II, it has availed of Rs 536 crore loan for which Orient Green Power issued corporate guarantee to Axis Bank. This is in addition to the guarantee for Rs 1,236 crore already issued to the bank earlier. The Rs 1,236 crore term loan was secured from a consortium of ten banks with Axis Bank being the lead bank.

The company is also planning to pledge 23 per cent equity shares held in Beta towards IL&FS Financial Services Ltd and other lenders, for sanctioning a bridge loan of Rs 90 crore.

It has sought shareholders' approval for the same.