Surajbari Wind to invest $194 mn in MP

IFC plans to fund company's project, amy also offer syndication services

Surajbari Windfarm Development Pvt Ltd (SWDPL) plans to invest around $194 million for setting up new wind farms in Madhya Pradesh.

The proposed investment will be backed by International Finance Corporation (IFC), which will lend loan and possible syndication.

SWDPL is a wholly-owned subsidiary of Continuum Wind Energy Pte Ltd (CWEPL), which is promoted by Morgan Stanley Infrastructure Partners and Continuum Energy Pte Ltd. According to the project document, the company plans to set up two wind farms with a combined capacity of 170-Mw in Madhya Pradesh, through its two wholly-owned subsidiaries-- DJ Energy Private Limited (DJEPL) and Uttar Urja Projects Private Limited.

This will be a greenfield project and located near the villages of Mamathekheda and Pingrala of district Ratlam and Mandsaur in Madhya Pradesh.

The off taker for the project will be Madhya Pradesh Power Management Company Ltd, a state-owned utility.

The project cost is estimated to be about $194 million and the IFC's proposed investment would be $48 million and a possible syndication of up to $96 million.