The wind-contracts issue also contradicts Prime Minister Narendra Modi’s goal of building 175 gigawatts of renewable capacity by 2022. The target may require over $200 billion in investment, much of it from overseas.
“India needs foreign capital to grow its renewable energy sector and that money will quickly turn away if there is such blatant flouting of the rule of law,” said Ranjit Gupta, chief executive officer at wind-project developer Ostro Energy Pvt., which is backed by private-equity investor Actis LLP.
The Suzlon group today announced that it has entered into a joint venture with Ostro Energy for development and construction of a 50-mw solar project in Telangana.
According to the contract signed between Ostro Energy and the Suzlon group on Monday, Ostro Energy shall acquire 49 per cent stake in Prathamesh Solar farms, a special purpose vehicle (SPV) set up by Suzlon to execute this project, the company said in a statement.
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.
International Finance Corporation (IFC), the private-sector lending arm of World Bank, has decided to facilitate debt funding worth around $177 million in Ostro Energy Pvt Ltd, a renewable energy platform backed by emerging markets-focused private equity major Actis, according to a disclosure.
Ostro Energy is planning to set up two wind farms with a total capacity of 197.4 megawatt (MW) through its two subsidiaries—Ostro Andhra Wind Pvt Ltd and Ostro AP Wind Pvt Ltd.
Ostro Energy Private Limited, a renewable energy platform backed by PE firm Actis, plans to implement projects worth $425 million in Andhra Pradesh.
The company will set up two wind farms with a total capacity of 197.4 megawatt (MW) through its two subsidiaries — Ostro Andhra Wind Private Limited and Ostro AP Wind Private Limited. The investment will also be backed by International Finance Corporation (IFC).
Renewable energy firm Gamesa India has bagged an order from Ostro Energy for setting up wind mills in Madhya Pradesh and Andhra Pradesh with a total capacity of 200 MW.