Singapore-based renewable power developer Continuum Wind Energy has secured a $164m loan from a consortium of lenders to purchase turbines from Vestas.
Led by the State Bank of India, the lenders issued letters of credit to the local unit of Vestas for the supply of 40 wind turbines, reported Bloomberg.
Continuum Energy founder and CEO Arvind Bansal told the news agency that the company plans to start generating power from its 175MW wind project in the western Indian state of Maharashtra by the end of 2013.
Electricity generated from the new plant will be sold to the Maharashtra State Electricity Distribution Co., Bansal added.
The company floated by Essar Group director Vikas Saraf and investment banker Arvind Bansal plans to develop 500MW of wind power assets with Morgan Stanley Infrastructure Partners injecting $22bn in equity investment.
Continuum Energy founder and CEO Arvind Bansal confirmed Morgan Stanley’s investment but did not elaborate on the financial details of the transaction.
"The backing of Morgan Stanley is an enabler to build large, high-quality wind power assets in India’s energy-deficient market," Bansal said.