Infrastructure India gets waiver to long-stop date for 41-MW wind bundle sale

Infrastructure India Plc (LON:IIP) announced today it has been granted a waiver of the long-stop date in relation to the conditional sale of a couple of wind parks totalling 41.3 MW and that it expects to close the transaction in the coming weeks.

As unveiled in February, the infrastructure fund agreed to sell to AVSR Constructions its 100% interest in two special purpose vehicles (SPV), namely Theni and Gadag, which own and operate a 16.5-MW wind farm in Tamil Nadu and a 24.8-MW facility in Karnataka, respectively.

Under the terms of the deal, AVSR is supposed to pay a total of INR 550 million (USD 6.9m/EUR 6.9m) for the two SPVs. In April, it agreed to provide half of that sum as an unsecured advance.

IIP said in a bourse statement that it was granted the waiver of the long stop date as a result of slower than anticipated progress for third-party clearance certificates, and added that the seller still has to satisfy certain outstanding conditions such as obtaining regulatory approvals.

The London-listed fund warned that while its creditors continue to be supportive, it will need to find other sources of financing to cover its liabilities if it fails to conclude the sale.

(INR 1 = USD 0.012/EUR 0.012)

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