Oct 1, 2013 - CLP India Pvt, fully owned by Hong Kong-based CLP Holdings (HKG:0002), will escape the per-project financing model for wind farms by creating a common pool of funds to support projects and service debt.
In a statement on Monday the company said it had agreed a pooled wind farm financing deal with Standard Chartered Plc (LON:STAN), Indian IDBI Bank Ltd (BOM:500116) and IDFC Ltd. CLP India explained that this financing model would help it reduce the risk related to the unpredictable nature of wind power generation. The agreement with the three lenders will also support the company’s plan to add 250 MW to 300 MW of wind power capacity per year.
Rajiv Mishra, managing director of the CLP Holdings unit, said that the pooled financing model would boost the Indian firm’s competitiveness and business performance.
On its website CLP India says it is among the biggest wind farm developers in the country with some 972 MW of projects. CLP Holdings first entered India in 2012 by taking a stake in a 655-MW gas-fired power plant. Under its green target, CLP India seeks to source 20% of its power from non-carbon sources such as renewables and nuclear power by the end of the decade.
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