The Singapore based, Morgan Stanley backed - Continuum Wind Energy, has announced that they have received a $164 million loan for it's Satara - 1, 175MW Wind Power Project in Maharashtra.
The lender's includes major banks like South Indian Bank. Arvind Bansal, the CEO of Continuum Wind Energy said to Bloomberg, that the group of lenders including SBI has sent letters
of credit to the local unit of Vestas Wind Systems, who will supply Wind Turbines for the Project.
The Power plant is expected to feed the grid by end of this year and the Maharashtra State Electricity Distribution Co. has signed a PPA with Continuum Wind Energy to buy the power. With Offices in Mumbai, Pune, Satara and Jaipur, the company currently has a operating capacity of 43 MW in Gujarat and Maharashtra. Continuum Wind Energy is also planning to develop over 300MW's of Wind Power in the Near Future.
Operating Wind farms of Continuum Wind Energy include:
- Surajbari I: 16.5 MW in Gujarat
- Surajbari II: 18 MW in Gujarat
- Revangaon: 8.25 MW in Maharashtra
