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Construction Project Finance for Renewable Energy Generation

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Latest Business News show Shalivahana Green Energy Limited (“SGEL” or the “Company”), a privately owned entity, is a biomass power company in India with installed capacity of 47MW spread across 5 plants. The Company built its first biomass plant in 2002. The Company plans to undertake small to medium-sized projects in the biomass, hydro and wind energy sectors.

3 new biomass power plants under construction will bring additional capacity of about 45MW by March 2011. The Company has a pipeline of approximately 200MW of which 2 biomass projects of 23MW each (project cost of about $25 million each) will be held in Rake Power Limited (“RPL”), a 100% owned subsidiary of the Company, with an existing 10MW installed capacity.

The Company is part of the Shalivahana Group (the “Group”). The Group’s other businesses include civil construction, education and cement production.

Hindmarsh arranged for IFC to provide up to $15 million in corporate equity financing to the Company to finance its pipeline projects and up to $15 million in project debt financing in the form of IFC ‘A’ Loan to RPL for the 2x23MW biomass projects. The tenor of the ‘A’ loan will be up to 12 years with a grace period of 3 years.

SGEL’s existing projects are located in the states of Andhra Pradesh, Maharashtra and Karnataka. SGEL’s pipeline projects are located in Madhya Pradesh, Orissa, Jharkhand and Chhatisgarh. The two new biomass plants to be developed under RPL will be in the states of Jharkhand and Orissa.

Green Energy